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

TRD New York /
Aug.August 15, 2014 12:40 PM

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


Related Articles

arrow_forward_ios
Blackstone COO Jonathan Gray and Club Quarters Chicago at 111 W Adams Street (Getty, Google)

Blackstone misses payment on $274M hotel loan

Blackstone misses payment on $274M hotel loan
Blackstone’s Jonathan Gray

TRD Insights: Here’s how much tenants pay for space at Blackstone’s massive industrial portfolio

TRD Insights: Here’s how much tenants pay for space at Blackstone’s massive industrial portfolio
Blackstone’s Jonathan Gray, Starwood Capital Group’s Barry Sternlicht, and Oaktree Capital co-chairman Howard Marks (Getty)

“Phenomenal returns” for some distressed real estate investors in stocks

“Phenomenal returns” for some distressed real estate investors in stocks
Hudson Commons and 444 N. Michigan Ave. 

TRD Insights: Can CLOs recover from the pandemic?

TRD Insights: Can CLOs recover from the pandemic?
Blackstone's president Jonathan Gray and CEO Stephen Schwarzman (Credit: Gray via Drew Angerer/Getty Images; Schwarzman via Himanshu Bhatt/NurPhoto via Getty Images)

Blackstone: “We don’t need financing to get things done”

Blackstone: “We don’t need financing to get things done”
Blackstone’s Jonathan Gray and Starwood Capital Group’s Barry Sternlicht (Credit: Gray by  Drew Angerer/Getty Images; Sternlicht by Cindy Ord/Getty Images for 1 Hotels)

Blackstone, Starwood pick up stakes in Extended Stay America

Blackstone, Starwood pick up stakes in Extended Stay America
Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)

These were the top outer borough loans last month

These were the top outer borough loans last month
Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Blackstone sells office tower at 44 Wall Street for $200M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...