Fort Partners secured construction financing for Seaway North at The Surf Club, an oceanfront condo project next to the Four Seasons Hotel and Residences in Surfside.
The Fort Lauderdale-based developer, led by Nadim Ashi, closed on a $107.6 million loan from Madison Realty Capital for the 11-story, nine-unit luxury condominium building, according to a press release. It’s under construction at 9165 Collins Avenue, on the former Hillcrest by the Sea site.
In December, a construction accident at the site left three workers injured while they were offloading glass panels from a delivery truck.
A Fort Partners affiliate paid $41.5 million for the 1-acre site of Seaway North in 2023. It’s part of the company’s bigger investment into that stretch of Collins Avenue. That began with the firm’s Four Seasons Hotel and Residences, a luxury condo-hotel complex Fort Partners completed in 2017.
Seaway North is set to be completed in early 2026. Seven units, representing about 78 percent of the project, are under contract, according to the release. Four Seasons will manage the units. The building will include full-floor units, a beach villa on the first two floors, and access to the Surf Club’s four pools, private club, parking and restaurants.
Seaway North is adjacent to the recently completed Seaway at the Surf Club, at 9149 Collins Avenue in Surfside. Closings began for units at that project in October. Sales have included the $31.1 million condo purchase linked to health care mogul Frederick Howe and the $14.6 million condo purchased by Stronach Group CEO Belinda Stronach.
In November, Fort Partners nabbed a $110.7 million construction loan for Surf House, a separate 11-story, 17-unit building planned for 8995 Collins Avenue. Athene Annuity & Life Company, managed by its investment adviser Apollo Global Real Estate Management, is the lender.
Fort Partners worked with Madison in the past for construction financing for the Four Seasons-branded hotel and condo in Fort Lauderdale, and acquisition of the Four Seasons Hotel Miami on Brickell Avenue.
Fort Partners now owns all of the Four Seasons-branded hotels and residential developments in South Florida.
In Miami’s Coconut Grove, the developer is partnering with Ugo Colombo’s CMC Group on a boutique Four Seasons-branded condo building that the two firms are preselling.
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