Terra, Fortune land $220M loan for Key Biscayne's Silver Sands site

Terra and Fortune International Group have secured a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies for their planned ultra-luxury condominium on the former Silver Sands Beach Resort site at 301 Ocean Drive in Key Biscayne, the developers announced Friday.

Walker & Dunlop’s Institutional Advisory team, led by Keith Kurland and Aaron Appel, arranged the financing. It follows Terra and Fortune’s $205 million purchase of the 4.25-acre oceanfront parcel in 2025, the largest land sale in Key Biscayne’s history. Miami-Dade County’s tax roll records that sale closing April 10, 2025, with the site’s prior owner listed as the Matheson Estate.

Why it matters

A $220 million predevelopment loan, on top of a $205 million land cost, puts more than $425 million into a single Key Biscayne parcel before a unit is sold. That is a signal lenders still see depth in the island’s ultra-luxury buyer pool, even as construction financing has tightened elsewhere in South Florida’s condo market. For developers watching Key Biscayne, where large assemblages rarely trade, it also confirms Terra and Fortune are moving on a fixed timeline rather than sitting on the land.

The numbers

The predevelopment loan totals $220 million against a $205 million acquisition closed in April 2025 for the 4.25-acre site. Preconstruction sales are expected to launch later this year. The project is designed by Touzet Studio and ODP, with landscape architecture by Raymond Jungles, and will include rain gardens, bioswales, drainage wells and a cistern as part of the resiliency package the developers are pairing with contributions toward local drainage, traffic and park improvements through Key Biscayne’s Land Acquisition Trust.

What’s next

Watch for a building permit application with the Village of Key Biscayne and a preconstruction sales launch, both expected before year-end. This desk will track the project, part of the broader wave of ultra-luxury oceanfront development tracked on our South Florida hub, as those filings land.