Fortune International Group and Château Group have secured $463 million in financing from Madison Realty Capital for St. Regis Residences, a planned 320-unit luxury condominium development in Sunny Isles Beach, Florida. Most of the loan will repay earlier financing, with the balance supporting completion of the South Tower, which is reported to be 90 percent sold.
Key takeaways
- The $463 million loan replaces most of a $418.3 million financing package from Bank OZK and provides additional funds for construction.
- The development will comprise two 62-story towers with 320 residences and 435 linear feet of direct Atlantic frontage.
- The South Tower is expected to open in 2028; construction on the North Tower is slated to begin this quarter, according to the report.
Financing supports construction and refinancing
Madison Realty Capital’s financing will primarily pay off the Bank OZK package, one of the largest financing deals in Sunny Isles Beach, according to the report. The remaining proceeds are designated for the South Tower’s completion. Separately, City National Bank of Florida provided a $113.8 million loan for the North Tower earlier this year. Berkadia arranged the loans.
Two towers planned for the oceanfront site
The project at 18801 Collins Ave. will feature a 170-unit South Tower and a 150-unit North Tower. Residences are planned with two to five bedrooms and floor plans ranging from 1,838 to 4,436 square feet. The development is expected to generate more than $3 billion in sales upon delivery.
The South Tower broke ground in 2023, and its mat foundation pour was completed this summer. The tower is scheduled to open in 2028. Construction on the North Tower is expected to start this quarter, according to the report.
Hospitality-focused amenities and design
The residences will follow a hospitality-led model, with more than 70,000 square feet of amenities. Planned features 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 project architect, with Coastal Construction serving as general contractor. Anastassiadis is responsible for interior design, and EDSA is overseeing landscape architecture.
Miami condo financing remains active
The deal comes amid other large financings in the region. Terra Group recently received a $507 million construction loan for 1250 West Ave., a 28-story Miami condominium project. Shoma Group also secured $172.5 million in C-PACE financing for Shoma Bay, a planned 333-unit condominium tower on the John F. Kennedy Causeway.