The Blackstone Group is providing up to $820 million in financing for two major south Florida developments, Daily Business Review reports.
The first project, the future Surf Club hotel and residences in Miami Beach, received $290 million in loans from Blackstone, which could eventually be doubled to $580 million. Part of the new funds will go towards retiring a $25 million loan owed to Miami’s City National Bank.
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Surf Club is slated to have 151 residential condominium units, a 77 room 4 Seasons hotel and a luxury retail area. It is located on 8.7 acres of land with more than 900 feet of beachfront. It will include three modern 12 story glass towers which will be centered around the newly renovated original building, which has been home to the Surf Club since 1930. There will also be two four story condominium apartment buildings with parking and retail spaces.
The apartments will have fifty different designs. There will also be four swimming pools, a beach service for the residents, a spa two noted restaurants , a lush garden with gracefully designed landscaping which spans the area between the property and the ocean, and an on-site international concierge for residents available 24/7.
With the project expected to be completed in 2016, More than 60% of its residences have already been sold.
Blackstone has also provided $120 million in financing for the Biscayne Beach project, a 51-story residential bayfront condominium to be located at Northeast 29th Terrace in Miami’s Edgewater neighborhood.
In other Blackstone news, the firm is said to be near to acquiring the British subprime mortgage lender Kensington, in partnership with TPG Capital LP. While no price has been revealed, Kensington is said to be worth as much as $400 million.
According to Britain’s Sky News, a deal is expected to ber eached by the end of the week.
