Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group have secured additional financing for the ongoing construction of the St. Regis Residences in Sunny Isles Beach. Bank OZK, based in Little Rock, Arkansas, has increased its loan to $418.3 million, finalizing the project’s construction funding according to property records and a news release.
The developers’ joint venture initially received a $119 million loan from Bank OZK in 2020. The bank raised that amount by $100 million last year before this latest increase.
The development consists of two towers with a total of 320 units on a 4.7-acre site at 18801 Collins Avenue, which includes 435 feet of ocean frontage. Sales for the south tower began in 2022; this building is expected to reach completion by the end of 2028 and is already about 90 percent presold with 170 units across its 62 stories.
Sales for the north tower, also planned as a 62-story structure but now with 150 units, started last year. Construction on this second tower may begin next year.
The combined sellout value for both buildings exceeds $3 billion, with available residences starting at $5 million each. Coastal Construction serves as general contractor while Arquitectonica is responsible for design.
Other major developments in South Florida have recently obtained significant construction loans as well. Naftali Group closed on $465 million in financing—split between C-PACE funding from Nuveen Green Capital and traditional loans from BHI—for its JEM Private Residences at Miami Worldcenter last month (https://therealdeal.com/miami/2024/05/22/naftali-lands-465m-financing-for-miami-worldcenter-condo-tower/). Earlier this week, Allen Morris Company secured a $138.5 million loan from BDT & MSD Partners and BHI for its Ziggurat mixed-use project in Coconut Grove (https://therealdeal.com/miami/2024/05/28/morris-family-scores-139m-loan-for-ziggurat-project-in-coconut-grove/).
However, Dezer Development recently closed one of South Florida’s largest condo construction loans: $630 million for Bentley Residences in Sunny Isles Beach, financed by Madison Realty Capital (https://therealdeal.com/miami/2024/11/10/dezer-closes-on-630m-loan-for-bentley-residences-in-sunny-isles-beach/) .
