Terra and Fortune borrow $220M from Blackstone for Key Biscayne condo

Terra and Fortune International Group borrowed $220 million to fund predevelopment of a 56-unit luxury condominium on Key Biscayne, with Blackstone Real Estate Debt Strategies as lender.

The $220 million loan exceeds the $205 million the partners paid for the 4.25-acre oceanfront site at 301 Ocean Drive, the former Silver Sands Beach Resort, in 2025. Connect CRE described that purchase as the largest land sale in Key Biscayne history. Terms of the loan were not disclosed.

For allocators in private real estate debt funds, the loan sits at a stage of the capital stack that produces no income. Preconstruction sales are expected to launch later this year. Repayment rests on a construction takeout, buyer deposits or fresh sponsor equity rather than a building's cash flow. Seniority, spread and recourse are the terms a fund investor would ask about first.

Terra's October refinancing of its Bay Harbor Islands office building replaced $238 million of debt with a $183.8 million loan from Monroe, as Private Wealth Daily previously reported. The building is more than 90 percent leased.

Walker & Dunlop Capital Markets Institutional Advisory arranged the financing through a team led by Keith Kurland.

Plans call for 56 ultra-luxury residences with panoramic ocean views and a collection of amenities, designed by Touzet Studio and ODP.