Fortune International Group and Château Group have secured $463 million in financing for St. Regis Residences, a 320-unit luxury condominium project in Sunny Isles Beach, Florida. The loan will largely refinance earlier debt, with the balance supporting completion of the South Tower. The two-tower development is expected to open in 2028 and generate more than $3 billion in sales.
Key takeaways
The financing supports a major beachfront project as developers continue to secure substantial capital for high-end Miami-area condominiums.
- Madison Realty Capital provided $463 million for St. Regis Residences.
- Most of the proceeds will repay a $418.3 million financing package from Bank OZK.
- The South Tower is 90 percent sold; the North Tower is expected to begin construction this quarter.
- The project’s two buildings will contain 320 residences and are scheduled to open in 2028.
Loan supports the South Tower’s completion
The new financing was arranged for the developers by Madison Realty Capital, according to Commercial Observer. After refinancing the Bank OZK package, the remaining proceeds will go toward completing the South Tower. Earlier this year, City National Bank of Florida provided a separate $113.8 million loan for the North Tower. Berkadia arranged both loans this year.
The South Tower broke ground in 2023, and its mat foundation pour was completed this summer. The North Tower is slated to start construction this quarter. Together, the towers are projected to deliver more than $3 billion in sales.
Two towers planned for a beachfront site
Located at 18801 Collins Ave., the development will comprise two 62-story buildings with a combined 320 residences. The South Tower is planned for 170 units and the North Tower for 150. Residences will range from two to five bedrooms and measure approximately 1,838 to 4,436 square feet.
The site has 435 linear feet of direct Atlantic Ocean frontage. Aventura Mall and Country Club Estates are within walking distance, while downtown Miami is less than 20 miles south by Interstate 95.
Hospitality-inspired amenities and design team
The project is planned around a hospitality-driven residential model, with more than 70,000 square feet of amenities. Offerings are set to include two restaurants, a private spa, a fitness and wellness center, a residents’ club, a terrace, a golf simulator, and indoor and outdoor pools.
Arquitectonica is the architect, Coastal Construction is the general contractor, Anastassiadis is handling interior design, and EDSA is responsible for landscape architecture. The project’s opening is scheduled for 2028.
Miami-area condo deals draw large financing packages
The St. Regis loan follows other substantial condominium financings in the Miami market. Terra Group recently received a $507 million construction loan for 1250 West Ave., a planned 28-story condominium development. TYKO Capital originated that financing.
In northern Miami, Shoma Group secured $172.5 million in C-PACE financing for Shoma Bay, a planned 333-unit luxury condominium tower. The deal placed the project among Florida’s largest developments financed through the C-PACE program.