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8995 Collins Avenue

Fort Partners Secures $110.7 Million Construction Loan For Surf House Development In Surfside
FINANCEDDevelopment Site

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:

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

Athene
AtheneLender

Surfside Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

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