Fort Partners scored $169 million to build an oceanfront condominium in Surfside, Fla., property records show.

Last April, the Town of Surfside approved plans for a condominium building, dubbed the Hillcrest by the Sea at 9165 Collins Avenue. The development will rise 11 stories and hold just 14 apartments as well as an underground 32-spot parking lot, despite the site being zoned for up to 58 units.

Fort Partners bought out the Seaway Villas apartment building, paving the way for the redevelopment of the 0.5-acre site. To finance the acquisitions, it secured a $15 million loan from Synovus Bank in 2020. 

This April, the South Florida-based developer took a $30 million mortgage from Bank OZK, per records. Now Fort Partners has upped the loan by $124 million, bringing the financing’s total to $169 million. 

The Hillcrest development will rise next door to one of Fort’s other properties, the Four Season hotel and condo complex, which houses a Thomas Keller-helmed restaurant that nabbed a Michelin star earlier this year. The property counts billionaire developer Richard LeFrak as a resident. Just last month, a penthouse unit sold for $30 million.

Fort Partners, led by Nadim Ashi, owns all the Four Seasons-branded properties in South Florida, which include hotels in Palm Beach and Brickell as well as condo and resort property in Fort Lauderdale.