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David Martin And Edgardo Defortuna Acquire Silver Sands Beach Resort For $205M In Key Biscayne
SOLD
$205,000,000
Florida
See Similar DealsHotel
Sold 04/10/2025
SOLD
David Martin And Edgardo Defortuna Acquire Silver Sands Beach Resort For $205M In Key Biscayne
301 Ocean Drive
See Similar DealsHotel
Sold 04/10/2025
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The asset involved in the transaction is a hotel located at 301 Ocean Drive in Key Biscayne. The property was sold for $205,000,000. The new owners plan to transform the former Silver Sands Beach Resort into a 56-unit ultra-luxury branded condominium. The development will focus on sustainable design and provide oceanfront amenities along with infrastructure improvements that will benefit the Village of Key Biscayne.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $205,000,000
- Buyer: David Martin - Terra
- Buyer: Edgardo Defortuna - Fortune International Group
- Market: Key Biscayne
- Future Development: 56-unit ultra-luxury branded condo
- Construction Start: Late 2026
David Martin represents Terra in this transaction, while Edgardo Defortuna represents Fortune International Group. Their collaboration aims to enhance the local area through this significant development project while modernizing the existing infrastructure.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$10,933,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$728,321.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$971,804.59
Annual Debt Service$11,661,655.03
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