In late October 2026, Terra and Fortune International Group announced a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies for 301 Ocean Drive, the former Silver Sands Beach Resort site in Key Biscayne. Predevelopment debt funds the work before vertical construction; it is not a construction loan and does not set prices. The announcement says pre-construction sales are expected to launch before the end of 2026.
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Financing news is easy to over-read. A large loan is a meaningful milestone, but it answers a narrow question — whether the developers have capital lined up for the predevelopment phase — not the questions most buyers care about, such as price per square foot, floor plans, deposit schedule, or delivery date. This page separates what was announced from what remains unknown, so you can decide what to ask when sales open.
What Was Announced
Terra, led by David Martin, and Fortune International Group, led by Edgardo Defortuna, announced the $220 million predevelopment financing from Blackstone Real Estate Debt Strategies. The developers acquired the oceanfront parcel at 301 Ocean Drive — the former Silver Sands Beach Resort, built in 1956 — in 2025 for a reported $205 million, a record land sale for Key Biscayne.
Coverage of the announcement describes an approved ultra-luxury program of 14 stories and 56 residences, designed by Touzet Studio and ODP. One outlet noted it is unclear whether the scope has changed since the 2024 approvals, so treat height and unit count as reported rather than final.
What Predevelopment Financing Does — and Doesn't — Mean
Predevelopment capital typically covers design, permitting, site preparation, and the sales launch itself. It is usually followed by a separate construction loan once presales reach a lender's threshold. The new loan therefore shows the project is advancing, but it is not a guarantee of a construction start date or delivery date.
For buyers, the practical takeaway is timing: the developers have said they are moving toward launching sales, and pre-construction sales are expected before the end of 2026. The first pricing, plan book, and contract terms will come from the developer's sales release, not from financing news.
Pricing: What Is Reported vs. What Is Official
No official price list has been published. Reported figures for 301 Ocean Drive range from about $4 million to $18 million and up per residence. One broker report cites preliminary information of 48 residences and One&Only branding with higher price points; the developers' own announcements have not confirmed that branding or unit count.
Until the developer releases pricing, use reported figures only to plan a budget range. Ask for the official price sheet, the deposit schedule, and the estimated association budget as soon as they are available.
How Your Deposit Is Protected in Florida
Florida's condominium law requires developers to hold pre-construction deposits in escrow (Section 718.202) and gives buyers 15 days after signing and receiving the required documents to cancel the contract (Section 718.503). Contracts often allow part of the deposit above 10% to be used for construction under specific conditions — read that clause carefully with your attorney.
Questions to ask at launch: which escrow agent holds the deposit, when each deposit installment is due, what happens if delivery is delayed, and what the contract says about changes to plans or finishes.
What to Do Now
If you want first access to pricing and floor plans, register before the private launch. Registration is free and non-binding. Compare the project with existing oceanfront buildings such as Oceana Key Biscayne, and review the deposit and carrying-cost guides on this site before you sign.
The financing at a glance
| Item | What was reported | Why it matters to buyers |
|---|---|---|
| Amount | $220 million | Signals institutional capital behind the next phase |
| Lender | Blackstone Real Estate Debt Strategies | Large, experienced real estate lender |
| Loan type | Predevelopment | Funds pre-construction work; separate from a future construction loan |
| Arranged by | Walker & Dunlop Capital Markets | Advisory role only |
| Approved program | 14 stories, 56 residences (per coverage of 2024 approvals) | Unit count and height could still change |
| Sales timing | Pre-construction sales expected before end of 2026 | Registration before launch helps you see first pricing |
Priority Buyer Access
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Register for Priority AccessFrequently Asked Questions
What is the $220 million loan for 301 Ocean Drive?
It is a predevelopment loan from Blackstone Real Estate Debt Strategies to Terra and Fortune International Group, announced in late October 2026, to advance the project on the former Silver Sands Beach Resort site.
Does the loan mean construction has started?
No. Predevelopment financing funds work ahead of vertical construction. A construction start and delivery date have not been announced.
When do sales start?
The announcement says pre-construction sales are expected to launch before the end of 2026.
Is pricing official yet?
No. Reported figures range from about $4M to $18M+ per residence, but the developers have not published an official price list.
How are pre-construction deposits protected?
Florida law requires escrow of deposits and gives buyers a 15-day cancellation period after signing and receiving the documents. Review the contract with an attorney.