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