The Real Deal New York

Blackstone weighs doubling down on South Florida projects

New York-based private equity giant's $410M investment at two sites could rise to twice that

August 15, 2014 12:40PM

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Surf Club and Biscayne Beach

Surf Club and Biscayne Beach

From the South Florida website: Blackstone Group, one of the world’s largest private equity firms, is financing two major South Florida projects, and its investment could reach some $820 million.

Blackstone is providing the developer of the future Surf Club hotel and residences in Miami Beach with $290 million, retiring a $25 million obligation provided by Miami’s City National Bank of Florida. However, the loan provisions could double to $580 million, according to the Daily Business Review.

Fort Capital Management’s 8.7-acre Surf Club, located at 9011 Collins Avenue, will eventually be a mixed-use complex with 151 condo units, a 77-room hotel and a large retail component.

Blackstone is also dropping $120 million on Biscayne Beach, a 51-story residential bayfront condominium planned for Northeast 29th Terrace in Miami’s Edgewater neighborhood.

As with the Surf Club deal, future advances could double the money to $240 million, according to the Business Review. [Daily Business Review]Christopher Cameron

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