Updated Nov 3, 2026
David Martin Of Terra And Edgardo Defortuna Of Fortune International Group Secure $220.5M Refinance Loan From Steven Schwarzman Of Blackstone For Condominium Development In Key Biscayne
301 Ocean Drive
$220,500,000
Units
48
Asset Type
Development Site
Closing
Oct 29, 2026
About this deal
AI
This transaction involves a condominium development site located at 301 Ocean Drive in Key Biscayne. The property includes a total of 48 units and is associated with a refinance loan amount of $220,500,000.
Summary of transaction details:
- Property Type: Condominium Development Site
- Transaction Amount: $220,500,000
- Lender: Steven Schwarzman - Blackstone
- Borrower: David Martin - Terra; Edgardo Defortuna - Fortune International Group
- Brokers: Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Nicholas Gilhooley, Christopher de Raet - Walker & Dunlop
- Loan Type: Refinance
- Date: 10/29/2026
This transaction highlights the involvement of key industry professionals, including Steven Schwarzman representing Blackstone as the lender. David Martin and Edgardo Defortuna, acting as borrowers, represent Terra and Fortune International Group, respectively. The brokerage team from Walker & Dunlop, consisting of multiple agents, facilitated this deal.
On the Map
$220,500,000
Development Site
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Players
Key Biscayne Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93