A 56-residence oceanfront condominium planned for the former Silver Sands Beach Resort site in Key Biscayne has secured a $220 million loan from Blackstone Real Estate Debt Strategies, pushing the ultra-luxury project at 301 Ocean Drive closer to its anticipated launch of preconstruction sales later this year. The financing follows the site's record-setting $205 million acquisition and sets the stage for a tower designed to blend tropical architecture with flood-resilient engineering on one of Miami-Dade's most exclusive barrier islands.
According to Markets of Tomorrow, Terra and Fortune International Group, the joint-venture developers behind the project, obtained the loan from Blackstone Real Estate Debt Strategies to fund predevelopment work on the site. Terra and Fortune International Group are both described as Miami-based firms, and the pairing marks the latest high-dollar bet on Key Biscayne's waterfront, a stretch of land that sits between Biscayne Bay and the Atlantic Ocean just minutes from downtown Miami.
The site itself carries a significant price tag already. Terra and Fortune paid $205 million for the former Silver Sands Beach Resort property, a deal that The Real Deal reported as the largest land sale in Key Biscayne history. The outlet also reported the developers plan a 56-unit ultra-luxury condo building on the roughly 3.9-acre parcel, with Touzet Studio serving as architect and Raymond Jungles handling the landscape design.
Stiltsville-Inspired Design Meets Flood Resilience
The planned building is being shaped with tropical-modern architecture inspired by Stiltsville, the cluster of historic stilt houses that still stand in Biscayne Bay. Reports on the building's height have varied: The Real Deal described it as a 14-story building that will include a fine dining restaurant, two pools, a gym and a spa, while Commercial Observer characterized it as a 13-story development with 56 condo units and 221 subterranean parking spots.
Stormwater management is central to the pitch Terra and Fortune are making to the village. The project's plans include rain gardens, bioswales, drainage wells and a cistern designed to hold water on the property and reduce runoff into neighboring lots, a feature set that WLRN's reporting on the sale tied directly to flood-prevention goals for the island. The same station noted that construction on the building was expected to begin in late 2026, per its original report.
Money Flowing Into Village Infrastructure
Beyond the tower itself, the development team is investing in improvements to local drainage infrastructure and contributing toward traffic circulation upgrades and community parks. The Real Deal reported Terra plans to invest $1.5 million into the Village of Key Biscayne's Land Acquisition Trust specifically for those infrastructure and traffic improvements. Commercial Observer separately reported that Terra and Fortune secured $145 million in seller financing to help close the $205 million acquisition in the first place.
Terra chief executive David Martin framed the new loan as a milestone for the project. “This financing represents an important next step as we advance our vision for this exceptional oceanfront property and prepare to bring the project to market,” is how he described the financing, according to the seed report from Markets of Tomorrow. Martin also said the developers respect Key Biscayne's character and aim to deliver a resilient, thoughtfully designed project, language that echoes the stormwater features built into the site plan.
Part of a Bigger Wave of Miami-Area Megaloans
The Silver Sands loan lands amid a broader run of nine-figure construction and predevelopment financings across South Florida's luxury condo market. Fortune International Group and KAR Properties recently closed on an $817 million construction loan for Faena Residences Miami, which The Real Deal described as the largest such loan in Florida history. Terra, separately, closed on a $507 million Tyko Capital construction loan for a planned tower at 1250 West Avenue in Miami Beach, while Related Group and BH Group secured a $360 million Tyko loan for Icon Beach Waterfront Residences in Hollywood.
Key Biscayne itself has drawn other major capital in the past year. Gencom and Fortune International Group secured a $300 million Blackstone loan to refinance debt and fund renovations at the Ritz-Carlton Key Biscayne and Grand Bay Club, part of a combined master plan covering 22 acres and more than 1,200 linear feet of beach frontage, with the Ritz-Carlton renovation alone budgeted at $100 million.
A History Stretching Back to a Coconut Plantation
Key Biscayne's development arc stretches back further than its current luxury boom. The island was once a coconut plantation before later becoming the site of Miami's first resort hotel, a history that frames the island's current transformation into one of South Florida's priciest residential markets. Miami-Dade's condominium luxury sales-price threshold climbed to $3.6 million in the first quarter of 2026, while the ultra-luxury threshold rose to $9.5 million, according to a market report cited by the Miami Association of Realtors.
Walker & Dunlop Capital Markets Institutional Advisory arranged the financing for Terra and Fortune, with a team that included Aaron Appel, Dustin Stolly, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer, Jordan Casella and Nicholas Gilhooley working on the developers' behalf. Fortune's broader Miami-area portfolio includes recently completed projects such as Jade Signature and the Ritz-Carlton Residences in Sunny Isles Beach and Auberge Beach Residences & Spa in Fort Lauderdale, alongside the St. Regis Residences in Sunny Isles Beach and Ora by Casa Tua in Brickell, both still in development.
Terra, for its part, recently completed Five Park Miami Beach and Mr. C Residences Coconut Grove, and is also building Villa Miami in Edgewater and the Mr. C Hotel & Residences in West Palm Beach. With the $220 million Blackstone loan now in place, Silver Sands joins that growing list of Terra and Fortune projects moving from paper to construction site, as the developers look to bring preconstruction sales to market later in 2026.
