Key Biscayne's Silver Sands condo gets a $220 million loan as presales near

Key Biscayne's most expensive piece of land now has the money to move toward sales.

Terra and Fortune International Group secured a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies for their planned condo on the former Silver Sands Beach Resort site, Florida YIMBY reported from the developers' announcement. Walker & Dunlop arranged the financing.

A predevelopment loan pays for work before construction, such as design and site prep. It comes on top of the $205 million the partners paid for the oceanfront property in 2025, the biggest land sale in Key Biscayne history.

What's planned

The Village Council voted unanimously in October 2024 to rezone the site for a 14-story, 56-unit condo, the Key Biscayne Independent reported. Touzet Studio and ODP are the architects, and Raymond Jungles is designing the landscape, according to The American Developer.

The plans include rain gardens, bioswales, drainage wells and a cistern to hold stormwater on the property. The developers also plan to pay toward local drainage, traffic and park projects through the village's Land Acquisition Trust.

Demolition of the 116-room Silver Sands, built in 1956, was underway in May, Islander News reported. The village's building director said construction could start later this year.

Why it matters for buyers and owners

Big oceanfront sites rarely trade on the island. A new 56-unit building would add rare new-construction condo inventory on the island.

The loan follows other large bets on luxury condos this fall, including the record $817 million Faena Residences loan on the Miami River and Raffles' 35-home plan in Coconut Grove.

If you plan to buy before it's built

Florida law gives buyers of new condos some protections. Here is what the state's condo law says:

• You can cancel within 15 days after signing and receiving all of the developer's required documents, under section 718.503. You can also cancel within 15 days of getting a change that hurts the deal.
• The developer must hold deposits up to 10% of the price in escrow until closing, under section 718.202.
• If the contract allows it, the developer can spend deposit money above 10% on construction once building begins. Read that part of the contract closely.

Ask for the estimated budget for your unit, the floor plan and the declaration of condominium before you sign. For a sense of where the top of the market sits, see what it takes to crack Miami-Dade's top 5% of home sales.

Buying or selling in Key Biscayne? The Miami Lookout is founded by Joe Biscaha, a Miami real estate advisor with Compass.