MIAMI—SC Property Acquisitions has landed a $290 million construction loan to develop Surf Club Four Seasons Private Residences and Four Seasons Hotel in Surfside, FL. The mixed-use project includes 151 residential units, 77 hotel rooms, and luxury retail and restaurant space.
HFF managing director Jim Dockerty and senior real estate analyst Scott Wadler helped SC Property, an entity controlled by Fort Capital Management, secure the construction loan. Blackstone Group‘s Debt Strategies Fund offered the capital.
“With $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,” says Dockerty. Fort is a privately-owned real estate investment management company based in Miami.
Located at 9011 Collins Avenue with more than 900 linear feet of Atlantic Ocean frontage, Surf Club is within walking distance of Bal Harbour Shops. The development will sit on three parcels of land spanning about 8.7 acres. The centerpiece is a renovated Mediterranean-style building that has been home to the Surf Club since the 1930s and has hosted the likes of Elizabeth Taylor and Winston Churchill.
The project also calls for three modern 12-story glass towers designed by Pritzker Prize-winning architect Richard Meier. The project will be completed in 2016.
Blackstone was represented in the transaction by Michael J. Barker, of Fried, Frank, Harris, Shriver & Jacobson and Luis Flores, of Arnstein & Lehr. William G. McCullough, and John F. Halula, of Holland & Knight represented Fort.