Surf Club developer scores $290M loan

Company tied to Blackstone provides financing for luxury Surfside project

Aug.August 06, 2014 10:30 AM

The developer of the Surf Club Hotel and Residences just got a whopping $290 million loan for the luxury Surfside project, The Real Deal has learned.

Several companies tied to Nadim Ashi’s Miami-based Fort Capital Management obtained the financing for the 9011 Collins Avenue development in a transaction recorded on Friday, according to Miami-Dade County records. BREDS II Loan Holdings of New York is the lender. The company is managed by Blackstone Real Estate Debt Strategies.

The transaction included the refinancing of an existing $25 million loan and a future advance of $260 million.

HFF managing director Jim Dockerty and senior real estate analyst Scott Wadler arranged the transaction.

Ashi recruited prominent architects Kobi Karp and Richard Meier to design the project, which incorporates a historic building designed by Russell Pancoast. Plans for the nine-acre oceanfront property include two residential towers, a private club, two restaurants, four swimming pools and more than 40 beach cabanas. In January, Fort Capital announced a deal with Four Seasons to brand and manage the 80-room hotel.

The developer aims to complete the project in early 2016.

Related Articles


Surfside stuck in the sand over $1M removal cost

Nadim Ashi’s firm buys Four Seasons Palm Beach owner

A conversation with Nadim Ashi

Placeholder image

Surf Club owner lands Four Seasons for project

Placeholder image

Fort Capital buys Surf Club Apartments for $36M

Placeholder image

Richard Meier shows off designs for expansion of Surf Club in Miami

Placeholder image

Fort Capital makes Miami property push

Daily Digest Miami

Ben Carson talks Opportunity Zones, top developers riff on condos vs. rentals: Daily digest