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.