Biscayne Beach Gets $120M Construction Loan From Blackstone

Developers building the 51-story Biscayne Beach condo tower have obtained a $120 million construction loan.

An affiliate of Blackstone Real Estate Debt Strategies provided the funding, which offers future draws that cap out at $240 million. Blackstone also recently provided a $290 million loan to the Four Seasons at the Surf Club in Surfside.

Construction on the 399-unit tower began in April. The developers are  GTIS Partners and Eastview Development.