Fort Partners Secures $110.7 Million Construction Loan For Surf House Development In Surfside
8995 Collins Avenue
$110,700,000
Units
19
Asset Type
Development Site
Closing
Nov 12, 2024
AI
The asset involved in this transaction is a development site located at 8995 Collins Avenue in Surfside, featuring a buildable square footage of 25,171. The property is designated for the construction of Surf House, a luxury oceanfront condominium project. The construction has been financed with a loan amount of $110,700,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $110,700,000
- Address: 8995 Collins Avenue
- Market: Surfside
- Lender: Athene Annuity and Life Co., Fox Hedge Intermediate B & EOS Luxembourg SCSP Sicav-Raif
- Landlord: Nadim Ashi - Fort Partners
- Loan Type: Construction
The individuals involved in this transaction include Nadim Ashi, representing Fort Partners, the developer of the Surf House project. The design of the 11-story structure has been executed by Kobi Karp Architecture, and the development features distinctive amenities including spacious units, a pool, and exclusive rooftop pools for penthouses. This deal follows Fort Partners’ previously launched Four Seasons Residences project in Coconut Grove, in partnership with Ugo Colombo's CMC Group.
Players
Surfside 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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93