The Four Seasons Hotel & Residences at the Surf Club, Miami features 77 rooms and 150 luxury condominium units and hosts Two Michelin star-rated restaurants including Thomas Keller’s first restaurant in the state of Florida (Per Se (NYC) and French Laundry (Napa Valley).
The legendary private Miami club has been reinvented by the Four Seasons brand. Set in the northern end of Miami Beach, this hacienda-style hotel has been brilliantly extended by Richard Meier, whose 12-story glass towers seem to float above the terracotta tiles of the original 1930s Mediterranean-style pantile roofs and situated four blocks from the Bal Harbour Shops, the number one ranked shopping center in the world (based on annual sales per square foot).
Since its opening in March 2017, The Four Seasons Hotel & Residences at the Surf Club, Miami is outperforming expectations with bookings for this winter season yielding occupancy of over 90% and estimated ADRs of $1,000+.
All financing, both debt and equity, has been secured. The proceeds from LCR’s EB5 offering and closing of pre-sold condos are being used to (i) repay Blackstone’s bridge construction loan, (ii) complete construction of the residences and (iii) fund construction of parking facility and market across Collins Avenue.
Fort Partners put in $166 Mn of Equity against $210 Mn of Bridge Loan from Blackstone when the project started in 2014, thus having over 40% Equity in the Capital Stack.As of today, the Blackstone Loan has been repaid and the only Debt on the Project Balance Sheet is up to $100 Mn of EB5 Loan which represents over 55% Equity in the Capital Stack.
Independently vetted and backed by Blackstone’s Real Estate Group, the largest (and arguably the savviest) real estate private equity firm in the world, who then demonstrated their confidence in Fort Partners’ track record and vision, by providing over $200 million of bridge construction financing.
LCR’s rigorous project selection and underwriting processes ensure that we only partner with developers with long-standing track records of success and creditworthiness. Download the complete brochure for this EB-5 Project below.
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