Fortune International Group and Château Group have successfully secured a substantial $418.3 million construction loan package for The St. Regis Residences, Sunny Isles Beach, Miami. Bank OZK provided the financing, marking one of the largest such packages for real estate in Sunny Isles Beach.
Key Takeaways
- The $418.3 million loan package was provided by Bank OZK.
- The South Tower of the development is 90% sold, indicating strong buyer demand.
- The North Tower is set to break ground next year, with total sell-out projected to exceed $3 billion.
- Remaining residences start at $5 million.
Project Milestones and Sales Momentum
The developers announced the closing of the construction loan with Bank OZK, a lender that has been involved with the property for several years. This financing completes the capital stack for the oceanfront development.
Edgardo Defortuna, CEO of Fortune International Group, expressed satisfaction with the loan, stating it "confirms the strong confidence lenders have in our vision." Manuel Grosskopf, CEO of Château Group, echoed this sentiment, highlighting that the loan "reflects the pace-setting sales and sustained demand for this project and South Florida’s evolving luxury market."
The South Tower, featuring 170 residences, is nearing completion and is on track for delivery in late 2028. The adjacent North Tower, comprising 150 residences, will commence construction next year. The combined sell-out for both towers is anticipated to surpass $3 billion, underscoring the project’s significant market appeal.
Development Details and Future Outlook
The St. Regis Residences boasts an impressive 435 linear feet of oceanfront, the most of any current residential development in the region. The architectural design is by Arquitectonica, with Coastal Construction overseeing the construction.
Buyer interest remains robust, with the South Tower reporting 90% of its residences sold. Contracts for the North Tower are also accumulating, demonstrating continued demand in the luxury South Florida market. The project’s sales gallery is located at 18801 Collins Avenue, Sunny Isles Beach, where remaining residences are available starting from $5 million.