Aug. 13--Blackstone Group'sDebt Strategies Fund agreed to provide a $290-million construction loan for the Surf Club project.
SC Property Acquisitions LLC, which is an entity controlled by Miami-based Fort Capital Management, is developing a 151-unit condominum, The Surf Club Four Seasons Private Residences, and a 77-room Four Seasons Hotel on the historic social club site at 9011 Collins Avenue in Surfside.
The project, designed by renowned architect Richard Meier, is slated for an 8.7-acre site that boasts 900 feet of oceanfront. It will include high-end retail and restaurant space and will be integrated with a renovation of the historic club.
HFF, a commercial real estate firm that provides capital markets services, arranged the financing for the project. Fort Capital, a private real estate investment management company, is led by Nadim Ashi.
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