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David Martin And Edgardo Defortuna Secure $145 Million Loan For Silver Sands Beach Resort Acquisition
FINANCED
$145,000,000
Florida
See Similar DealsDevelopment Site
Financed 04/17/2025
FINANCED
David Martin And Edgardo Defortuna Secure $145 Million Loan For Silver Sands Beach Resort Acquisition
301 Ocean Drive
See Similar DealsDevelopment Site
Financed 04/17/2025
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
The asset involved in the transaction is a development site located at 301 Ocean Drive in Key Biscayne, covering an area of 3.8 acres with a building square footage of 288,163. The total acquisition price for this site was $205 million, with seller financing provided for $145 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $205,000,000
- Loan Amount: $145,000,000
- Loan Type: Acquisition
- Lender: Red Dragon’s Sands
- Landlord: David Martin - Terra
- Landlord: Edgardo Defortuna - Fortune International Group
- Note: The loan was facilitated by sellers Red Dragon’s Sands, managed by Axis Development, along with local residents Reinaldo Iragorri and Catalina Bernal.
Key figures in the deal include David Martin and Edgardo Defortuna representing their respective companies, Terra and Fortune International Group. The financing structure provided the necessary capital for acquiring the Silver Sands Beach Resort, reflecting a significant investment in the Key Biscayne market.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$145,000,000.00
Monthly NOI$966,666.67
Monthly Debt Service$916,498.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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