Terra and Fortune International Group have obtained a $220 million predevelopment loan for their planned ultra-luxury condominium project in Miami’s Key Biscayne. The financing was provided by Blackstone Real Estate Debt Strategies and is secured by the former Silver Sands Beach Resort site at 301 Ocean Drive. The loan will support early-stage work as the development team advances its plans for the oceanfront property.
Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of Terra and Fortune. The advisory team was led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, and Nicholas Gilhooley, reflecting a multi-person institutional effort behind the capital stack for the project. The transaction underscores the role of advisory platforms in sourcing large-scale predevelopment capital for high-end residential ventures.
The 4.25-acre site sits directly on the ocean in Key Biscayne and has already recorded a significant land transaction. Terra and Fortune acquired the property in 2025 for $205 million, a deal noted as the largest land sale in Key Biscayne’s history. With the predevelopment loan now in place, the development is moving into the next phase of planning and preparation.
The proposed project is envisioned as an ultra-luxury boutique condominium with 56 units. Preconstruction sales for the residences are expected to launch later this year, aligning marketing efforts with early-stage development activities. The homes are planned to offer panoramic ocean views and a suite of luxury amenities, targeting buyers at the top end of the for-sale residential market.
Design responsibilities for the condominium have been assigned to Touzet Studio and ODP. Their mandate is to deliver a high-end architectural and design program that leverages the property’s oceanfront positioning and boutique scale. As planning progresses, the project is expected to further define its design, amenity mix, and residential offering while the development team utilizes the newly arranged predevelopment capital.
