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SURFSIDE, FLA. — HFF has arranged a $290 million construction loan for the development of The Surf Club Four Seasons private residences and Four Seasons Hotel in in Surfside, Fla, just north of Miami Beach. When completed, the development will include 151 condominiums, 77 hotel rooms, 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. The loan was secured through The Blackstone Group’s debt strategies fund.

The Surf Club is located at 9011 Collins Ave. with more than 900 linear feet of Atlantic Ocean frontage and is within walking distance of the Bal Harbour Shops. Situated on three parcels of land totaling 8.7 acres, the resort will be centered around the Mediterranean building, which has housed The Surf Club since its inception in 1930, playing as home to celebrities and politicians ranging from actress Elizabeth Taylor to Prime Minister Winston Churchill.

Complementing the clubhouse will be three 12-story glass towers designed by Pritzker Prize-winning architect Richard Meier. The project will be completed in 2016. Hotel amenities will include a restaurant, 15,000-square-fot spa, a swimming pool, fitness centers and lounge areas.

The HFF team representing the borrower included Jim Dockerty and Scott Wadler. Michael J. Barker of Fried, Frank, Harris, Shriver & Jacobson LLP, and Luis Flores of Arnstein & Lehr LLP represented Blackstone. William McCullough and John Halula of Holland & Knight LLP represented Fort 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 Capital Management is a privately owned real estate investment management company based in Miami and led by Nadim Ashi. The company invests primarily in the South Florida and Caribbean markets.

Blackstone Real Estate Debt Strategies was founded in 2008. The company focuses on providing liquidity to new borrowers and banks. Led by Michael Nash, BREDS manages more than $9 billion in assets.

HFF (Holliday Fenoglio Fowler LP), which operates out of 23 offices nationwide and provides commercial real estate and capital markets services to the U.S. commercial real estate industry, is owned by HFF Inc. (NYSE: HF). The stock price of HFF closed at $32.55 per share on Wednesday, Aug. 13, up from $22.03 a year ago.

— Haisten Willis

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