New York’s Blackstone Group, one of the world’s largest private equity firms, has committed construction money to two major South Florida projects that could reach $820 million.
The first loan, which closed July 10, provides the developer of the future Surf Club hotel and residences in Miami Beach with $290 million. The money infusion retires a $25 million obligation that had been provided by Miami’s City National Bank of Florida. According to deal terms, future advances could double the loan provisions to $580 million.
