David Martin And Edgardo Defortuna Acquire Silver Sands Beach Resort For $205M In Key Biscayne
301 Ocean Drive
$205,000,000
Units
56
Asset Type
Hotel
Closing
Apr 10, 2025
About this deal
AI
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.
On the Map
$205,000,000
Hotel
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Key Biscayne Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93