Surf Club Four Seasons Development Gets $290M for Construction
Thursday August 14th, 2014 - 10:27AM SBF
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SURFSIDE, FL—A $290-million construction loan arranged by HFF will advance the development of The Surf Club Four Seasons Private Residences and Four Seasons Hotel here, 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 Ave. and features more than 900 linear feet of Atlantic Ocean frontage. Situated on three parcels of land totaling approximately 8.7 acres, the resort will be centered around a renovated Mediterranean building that has housed The Surf Club since its inception in 1930. Complementing the clubhouse will be three, 12-story glass towers designed by architect Richard Meier consisting of condominium and hotel space and two, four-story buildings dedicated to condominiums, retail and parking.
The project is slated for completion in 2016.
Four Seasons Hotel amenities will include a fine-dining restaurant, a 15,000-sq.-ft. 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 of Fried, Frank, Harris, Shriver & Jacobson LLP, and Luis Flores of Arnstein & Lehr LLP. Fort Capital was represented by William G. McCullough and John F. Halula of Holland & Knight LLP.
Tags: Surf Club • HFF • Four Seasons • Florida • Hospitality • Brands • Brokers • Sources of Funding •
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