HFF announced today that it has arranged a $290 million construction loan for the development of The Surf Club Four Seasons Private Residences and Four Seasons Hotel in Surfside, Florida, which will include 151 residential units, 77 hotel rooms, and luxury retail and restaurant space.
HFF worked on behalf of the borrower, SC Property Acquisitions, LLC, an entity controlled by Fort Capital Management, to secure the construction loan through The Blackstone Group s Debt Strategies Fund.
The Surf Club is located at 9011 Collins Avenue with more than 900 linear feet of Atlantic Ocean frontage and is within walking distance of the world famous Bal Harbour Shops. Situated on three parcels of land totaling approximately 8.7 acres, the resort will be centered around the meticulously renovated Mediterranean building, which has housed The Surf Club since its inception in 1930, playing as home to luminaries from Elizabeth Taylor to Winston Churchill for more than eight decades. Complementing the clubhouse will be three modern 12-story glass towers designed by Pritzker Prize-winning architect Richard Meier consisting of condominium and hotel space and two four-story buildings dedicated to condominiums, retail and parking. The project will be completed in 2016. Four Seasons Hotel amenities will include a fine dining restaurant, 15,000-square-foot Four Seasons spa, resort-style swimming pools, fitness centers and beach cabana lounge areas.
The HFF team representing the borrower was led by managing director Jim Dockerty and senior real estate analyst Scott Wadler. Blackstone was represented in the transaction by Michael J. Barker, Esq. of Fried, Frank, Harris, Shriver & Jacobson LLP, and Luis Flores, Esq. of Arnstein & Lehr LLP. Fort Capital was represented by William G. McCullough, Esq. and John F. Halula, Esq. of Holland & Knight LLP.
According to Dockerty, With USD $1.2 billion of inventory and more than 60 percent of the residences already sold, the project is on track to have the largest sellout in the history of luxury residential real estate for a project in South Florida.
Fort Capital Management is a privately owned real estate investment management company based in Miami, Florida led by developer and entrepreneur Nadim Ashi. Through its managed funds, the company invests primarily in the South Florida and Caribbean markets, with a focus on highly differentiated properties that possess singular attributes and unique provenance. Managing partner Ashi and his executive team have decades of successfully honed real estate and investment experience with a risk management focus. Fort Capital s stakeholders are leading private investors and family offices from the US, Europe and South America.