The Real Deal Miami

Blackstone may double down on SF projects

Firm's $410M investment at two sites could rise to twice that

August 15, 2014 10:00AM

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Surf Club and Biscayne Beach

Surf Club and Biscayne Beach

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. [DBR]Christopher Cameron

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