The Real Deal Miami

Private equity boss buys most expensive PH at Surf Club Four Seasons

Trust led by Doug Kimmelman acquired $35M, four-bedroom, 6,934 sf unit
By Katherine Kallergis | January 28, 2019 12:30PM

Doug Kimmelman and Four Seasons Residences at the Surf Club

Private equity firm founder Doug Kimmelman paid $35 million for a penthouse at the Four Seasons Residences at The Surf Club, marking the priciest sale to date at the luxury development in Surfside.

Kimmelman, senior partner of Energy Capital Partners, closed on penthouse 1 in the south tower of the condo-hotel at 9001 Collins Avenue. Kimmelman is the sole trustee of Megawatt South Homestead Trust, which acquired the unit, records show. The trust financed the deal with a $10 million loan from J.P. Morgan.

Kimmelman’s 6,934-square-foot penthouse has four bedrooms and seven bathrooms, according to property records.

He founded the private equity firm in 2005. It specializes in investing in buyouts, loan, infrastructure, credit, capital solutions and mezzanine investments.

The deal is the most expensive sale at the Four Seasons development since the project opened in 2017. Recent closings include units sold to Miami Heat President Pat Riley and London hedge fund manager Marcos Lederman. In September, Groupon founder Eric Lefkofsky paid $30.7 million for penthouse 7 in the south tower.

Developers Richard LeFrak and Richard Ruben, former Esquirer publisher Alan Greenberg, former Publix CEO Charles Jenkins Jr., and billionaire real estate and casino tycoon Neil Bluhm also all own units at the Surfside project.

Fort Partners completed the project in 2017. It includes 150 condo units, a 72-room hotel, a Le Sirenuse restaurant and a Thomas Keller restaurant.