Fortune International Group and Château Group have successfully secured a $113.75 million land loan from City National Bank of Florida for the North Tower of The St. Regis Residences in Sunny Isles Beach, Miami. This significant financing marks a crucial step for the project’s next phase, with the North Tower set to break ground this summer.
Key Takeaways
- A $113.75 million development loan has been secured for the North Tower of The St. Regis Residences, Sunny Isles Beach, Miami.
- The loan was provided by City National Bank of Florida and arranged by Berkadia Miami.
- The North Tower is slated to break ground this summer, while the South Tower is nearing sell-out.
- The financing underscores continued confidence in the ultra-luxury oceanfront development.
Project Momentum Continues
The substantial loan from City National Bank of Florida will fuel the development of the North Tower, a project that continues to build on the success of its nearly sold-out South Tower. This financial backing highlights the strong institutional confidence in the branded oceanfront development and its prime position within South Florida’s high-end residential market.
Developer Confidence
Edgardo Defortuna, CEO of Fortune International Group, expressed enthusiasm about the milestone, stating, "Today’s achievement represents another important step forward in the continued execution of our vision for The St. Regis Residences, Sunny Isles Beach, Miami. We’ve seen strong alignment from both buyers and capital partners, and this milestone continues to propel the project into its next phase."
Manuel Grosskopf, CEO of Château Group, added, "Momentum across the development has been consistent from the outset. With the South Tower nearing sell-out and construction well underway, the North Tower builds on that foundation as we continue to deliver a project that resonates with today’s ultra-luxury buyer."
Banking Partnership
City National Bank’s Vice Chairman and CEO, Jorge Gonzalez, commented on the collaboration, "Our work with Fortune International Group spans many years, and this transaction brings together that history and our relationship with the Grosskopfs of Château Group. We appreciate the alignment and professionalism both organizations bring to projects of this nature."
Christian Sundblad, Executive Vice President and Chief Wholesale Officer of City National Bank, welcomed the new relationship with Château Group, expressing optimism for the project’s future.
A Coveted Address
Berkadia Miami’s Managing Director Scott Wadler noted the significance of Sunny Isles Beach as a premier global address. He emphasized that securing pre-development financing for a project of this magnitude requires a sponsor team with an impeccable track record, which Fortune International and Château Group undoubtedly possess.
Development Details
The St. Regis Residences, Sunny Isles Beach, Miami, features two towers offering approximately 435 linear feet of direct Atlantic frontage. The development boasts over 70,000 square feet of amenities, including signature restaurants, a full-service spa, resort-style pools, and a comprehensive wellness program. The South Tower, slated for completion in 2028, includes 170 residences, while the North Tower will feature 150. Designed by Arquitectonica and built by Coastal Construction, the project offers residences starting from approximately $5 million.