Fort Partners has secured a substantial inventory loan totaling $45 million to facilitate its ongoing oceanfront condominium project in Surfside, Florida. According to property records, the financing comes at a critical time when 11 units out of the total project remain unsold.

Loan Details and Development Context

The loan, provided by Bether Capital, is backed by collateral on three units within the upscale Seaway at the Surf Club development. Bether Capital, based in New York, offers funding primarily through the EB-5 program, which allows foreign investors to obtain U.S. residency by investing a minimum of $1 million.

This project adds to the firm’s portfolio, which includes the recently completed 34-unit condo complex at 9149 Collins Avenue, positioned close to the renowned Surf Club hotel and precursor to the Four Seasons-branded venue developed by Fort Partners in 2017. This earlier project continues to attract significant resale interest, reflecting the brand’s strong market presence.

Sales Performance and Previous Financing

To date, the Seaway at the Surf Club has successfully sold 23 units, accumulating a total sale value of approximately $293.5 million. Earlier in 2022, Fort Partners had also secured a notable $169 million construction loan from Bank OZK specifically for this boutique condominium development.

Recent Trends in Miami’s Real Estate Financing

The loan obtained by Fort Partners is part of a larger trend of inventory financing among prominent Miami developers. For instance, Terra and Russell Galbut recently acquired a $103 million loan for their Five Park development in South Beach, despite having sold around 90% of the 227-unit building.

Ongoing Development Activities

Under the leadership of Nadim Ashi, Fort Partners continues to play an active role in the Surfside housing market. Since November, the company has secured additional construction financing for two boutique condominium projects, amounting to $108 million and $111 million, respectively. This shows their commitment to expanding premium residential offerings along the coastline.

Conclusion

Despite the ongoing challenges in the inventory market, Fort Partners is strategically leveraging financing options to advance its development projects in Surfside. Representatives from both Fort Partners and Bether Capital have not yet commented on the loan acquisition.