In a significant financial move, Terra Group and Fortune International Group obtained a $220 million loan for a luxury condo project in Key Biscayne, Miami, Fla., aimed at transforming a historic resort site into a high-end residential development.
The development will rise on the former 4-acre site of Silver Sands Beach Resort, which Terra and Fortune purchased in 2025 for $205 million. The 1956-built vintage property has since been demolished.
Plans call for a 56-unit, 14-story building to be surrounded by lush native landscaping. The development will feature three-bedroom residences ranging from 3,354 to 8,086 square feet, with prices starting at $4 million.
Amenities will include two resort-style swimming pools, a fine dining restaurant, a fitness center, a spa center, and social spaces. The property will also feature resiliency and sustainability components, including rain gardens, drainage wells, and a cistern built to retain stormwater.
Blackstone Real Estate Debt Strategies provided the financing in a deal arranged by Walker & Dunlop. The project team includes Touzet Studio, ODP Architecture and Design, and Raymond Jungles.
Walker & Dunlop Senior Managing Directors Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, and Sean Reimer, together with Managing Director Jordan Casella, and Capital Markets Analyst Nicholas Gilhooley arranged the financing on behalf of the developers.
Terra and Fortune have been actively adding to Miami‘s luxury pipeline, with recent condominium projects attracting notable lender interest. They have secured an $817 million note for Faena Residences Miami and a $463 million refinancing loan for St. Regis Residences.
The condo property is scheduled to launch preconstruction sales later in 2026, with the development rising at 301 Ocean Drive in an area with multiple beaches, natural areas, and water sports options. The location provides a unique setting for the ultra-luxury boutique condominium project.
Approval timeline and recent financing milestones
The redevelopment received approval in late 2024, according to The Real Deal. The site sits at 301 Ocean Drive, nine miles from downtown Miami and fifteen miles northwest of the airport.
Terra secured a $507 million construction loan for a waterfront project in Miami Beach that will replace a 1964-built condo. In September, the firm obtained a $245 million loan to fund the multifamily phase of Upland Park, a $1 billion mixed-use district.
