Fort Partners Secures $108M Loan for Surfside Luxury Condo Expansion
Fort Partners, a leading developer renowned for its high-end real estate projects, has made another major move in Surfside, Florida. The Fort Lauderdale-based firm, led by Nadim Ashi, recently secured a $107.6 million construction loan from Madison Realty Capital. The funds will support the development of Seaway North, a luxurious oceanfront condominium at 9165 Collins Avenue. Here’s an in-depth look at this exciting project and what it means for South Florida’s luxury real estate market.
A Strategic Investment in Surfside Real Estate
The Seaway North project is part of Fort Partners’ ongoing investment along Collins Avenue, a stretch synonymous with upscale living. The company acquired the 1-acre site for $41.5 million in 2023, which was previously home to Hillcrest by the Sea. This development follows the success of their flagship Four Seasons Hotel and Residences at The Surf Club, completed in 2017. Seaway North aims to enhance the area’s reputation for luxury by offering exclusive living spaces with unmatched amenities.
Luxury Redefined: Features of Seaway North
Seaway North is set to elevate the standard for opulent living in Surfside. Scheduled for completion in early 2026, this 11-story building will house just nine exclusive units, ensuring privacy and grandeur. Key features include:
- Full-Floor Units: Spacious residences occupying entire floors.
- Beach Villa: A luxurious two-story villa with direct beach access.
- World-Class Amenities: Access to four pools, a private club, parking facilities, and gourmet dining at The Surf Club.
- Four Seasons Management: The units will benefit from the impeccable service synonymous with the Four Seasons brand.
Notably, 78% of the units are already under contract, reflecting the strong demand for premium properties in this prime location.
Overcoming Challenges: Safety and Resilience
The construction of Seaway North has not been without challenges. In December, a construction accident involving glass panel offloading left three workers injured. Despite this setback, Fort Partners has demonstrated resilience and commitment to maintaining safety while progressing with the project.
Adjacent Success: Seaway at the Surf Club
Seaway North builds on the momentum of its neighboring project, Seaway at the Surf Club, located at 9149 Collins Avenue. This recently completed development has seen significant sales activity, including:
- A $31.1 million condo purchase by healthcare mogul Frederick Howe.
- A $14.6 million condo purchase by Stronach Group CEO Belinda Stronach.
Closings for units in this project began in October, showcasing the sustained demand for Fort Partners’ developments.
Expanding the Portfolio: Other Fort Partners Projects
Fort Partners’ influence extends beyond Surfside. In November, the company secured a $110.7 million loan for Surf House, another luxury condo project at 8995 Collins Avenue. This 11-story, 17-unit building is yet another example of the firm’s dedication to redefining upscale living in South Florida.
The developer’s partnership with Madison Realty Capital is not new; they previously collaborated on construction financing for the Four Seasons Hotel and Residences in Fort Lauderdale and the acquisition of the Four Seasons Hotel Miami.
Fort Partners and the Four Seasons Legacy
With a portfolio that includes all Four Seasons-branded hotels and residences in South Florida, Fort Partners continues to set the benchmark for luxury. The firm is also venturing into Miami’s Coconut Grove, partnering with Ugo Colombo’s CMC Group on a boutique Four Seasons-branded condo project.
Insights
What makes Seaway North unique compared to other developments in Surfside?
Seaway North offers unparalleled exclusivity with only nine units, all featuring full-floor layouts or unique configurations like the beach villa. Its integration with The Surf Club’s amenities and Four Seasons management adds significant value.
Why is Surfside attracting luxury real estate investments?
Surfside’s prime oceanfront location, proximity to Miami, and reputation as a high-end enclave make it a magnet for affluent buyers and developers.
How does Fort Partners ensure the success of its projects?
By partnering with trusted lenders like Madison Realty Capital and leveraging the prestige of the Four Seasons brand, Fort Partners consistently delivers high-quality developments that resonate with luxury buyers.
What can buyers expect from Surf House, the next Fort Partners project?
Surf House will feature 17 units spread across 11 stories, emphasizing boutique luxury with state-of-the-art amenities and premium finishes.
What trends are shaping South Florida’s real estate market?
The market is witnessing growing demand for low-density, high-amenity developments, catering to buyers seeking privacy and exclusivity. The integration of branded residences like those by Four Seasons is also a key trend.
Conclusion
Fort Partners’ $108M loan for Seaway North underscores the ongoing evolution of Surfside as a hub for luxury real estate. With its strategic investments, commitment to quality, and strong partnerships, the developer is not only shaping the landscape of South Florida but also setting new standards in luxury living. As Seaway North progresses, it’s clear that Fort Partners is solidifying its legacy in the world of high-end real estate.
