Terra Group secures financing for condominium development on formerly Silver Sands property

The oceanfront parcel that used to be home to the sleepy Silver Sands motel is now one step closer to its ultra-luxury housing development.

In a recent press release, Terra and Fortune International Group announced they secured a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies for 301 Ocean Drive in Key Biscayne.

“This financing represents an important next step as we advance our vision for this exceptional oceanfront property and prepare to bring the project to market,” said David Martin, CEO of Terra. “We have approached the site with a deep respect for Key Biscayne and its unique character, and we look forward to delivering a project that reflects the thoughtful design, quality and long-term resiliency this community deserves.”

“As we move closer to launching sales, we are excited to introduce a project that combines exceptional design, expansive oceanfront living and a deep connection to the character and lifestyle that make Key Biscayne so special,” said Edgardo Defortuna, CEO and Founder of Fortune International Group.

“Terra and Fortune are best-in-class developers, and Silver Sands reflects their expertise in delivering exceptional luxury residences,” said Keith Kurland, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop. “We appreciate the opportunity to work with BREDS to arrange this financing and help bring their vision for Key Biscayne to life.”

The lot was sold in 2025 to a record-setting price of $205 million, making it the highest-priced land sale in the island’s history.

Preconstruction sales for the development are expected to launch later this year.

Bianca Sproul is a Cuban-American freelance writer and artist from Miami, FL. When she’s not writing or reading, she snorkels at her favorite childhood beach on Key Biscayne and practices pottery in her at-home private studio.

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