Terra and Fortune Land $220M Blackstone Loan for Key Biscayne Oceanfront Condo

• Terra and Fortune International Group secured a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies for their planned condominium at 301 Ocean Drive in Key Biscayne.
• The developers acquired the former Silver Sands Beach Resort site for $205 million in 2025, setting a Key Biscayne land-sale record.
• The 4.25-acre oceanfront project is being designed by Touzet Studio and ODP, with preconstruction sales expected to launch before year-end 2026.
• Walker & Dunlop Capital Markets Institutional Advisory arranged the financing, which will fund predevelopment work as plans advance.

What Terra and Fortune Are Planning for 301 Ocean Drive

Terra and Fortune International Group are advancing a luxury oceanfront condominium on the former Silver Sands Beach Resort property at 301 Ocean Drive, Key Biscayne, Florida. The $220 million financing from Blackstone’s Real Estate Debt Strategies division marks a major step forward for the site, which the developers bought for $205 million in 2025. The purchase was the largest land sale in Key Biscayne’s history. The new loan supports predevelopment as the joint venture prepares to bring the project to market.

What the Proposed Condo Will Include

The development is envisioned as a boutique condominium with expansive Atlantic-facing residences, tropical-modern architecture, and landscaped outdoor spaces. Touzet Studio and ODP are leading the design, while the full project program remains undisclosed. Building height, floor count, total square footage, and residence count have not been detailed in the latest financing announcement. Earlier project coverage described plans for 56 residences, but investors should await updated plans as the development progresses.

What the $220M Financing Means for the Development

The loan was arranged by Walker & Dunlop Capital Markets Institutional Advisory. The transaction team included Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, and Nicholas Gilhooley. For developers, the financing is a signal that capital is available for high-value, luxury residential projects with established sponsors and prime locations. The loan also moves Terra and Fortune beyond the site’s record-setting acquisition and toward the next phase of project execution. Preconstruction sales are expected to launch before the end of 2026, although the latest announcement did not disclose pricing or a construction schedule.

What Resiliency and Community Improvements Are Planned

The plans incorporate stormwater measures intended to manage runoff and improve resilience, including rain gardens, bioswales, drainage wells, and a cistern. The developers also plan local drainage upgrades and contributions toward traffic circulation and community park improvements through the Village of Key Biscayne’s Land Acquisition Trust. These infrastructure elements are particularly relevant on a coastal barrier island, where drainage and resiliency can shape development costs, approvals, and long-term property performance.

What Terra and Fortune Bring to the Project

Terra, led by CEO David Martin, has developed South Florida projects including Five Park Miami Beach and Mr. C Residences Coconut Grove. Its active pipeline includes Villa Miami and Jean-Georges Miami Tropic Residences. Fortune International Group, led by founder and CEO Edgardo Defortuna, has delivered projects including Jade Signature and The Ritz-Carlton Residences in Sunny Isles Beach. Its pipeline includes The St. Regis Residences Sunny Isles Beach and ORA by Casa Tua in Brickell. Both executives said the financing moves the project closer to market, emphasizing design, oceanfront living, and the island’s character. With a record land basis and a substantial predevelopment loan secured, 301 Ocean Drive is moving toward its sales launch. The next investor milestones are updated plans, pricing, and a clearer construction timeline.