Overview
International law firm McDermott Will & Emery represented Red Dragon Sands, Ltd., as seller, in the sale and seller financing of 301 Ocean Dr., Key Biscayne, FL, known as the Silver Sands Beach Resort. The seller purchased the property in 1991 and has owned and operated the resort since.
The buyer, a joint venture between Terra and Fortune International, intends to redevelop the property into a new luxury boutique condominium, with a focus on sustainability and incorporating the architectural heritage of Key Biscayne.
Due to the level of interest in the property, McDermott facilitated and led a private bid process for the seller. Ultimately, a contract was entered into with Terra for the $205 million sale of the property; and as part of the transaction, the seller agreed to provide the buyer with a $145 million loan.
The McDermott team was led by Elena Otero and assisted by Kristi Mankowske and Tim Swearingen.
About McDermott
Leading organizations turn to global law firm McDermott Will & Emery for a better way to address legal challenges, connect with those at the forefront, and drive stronger outcomes. Working across more than 20 offices globally, our 1,400+ lawyers act on data-driven insights, deep relationships, and unmatched industry experience to deliver on our commitment of Always Better.
