Edgardo Defortuna’s Fortune International Group and the Grosskopf family’s Château Group secured a $463 million loan package for the St. Regis Residences, Sunny Isles Beach, marking one of the largest loans to close in the beachfront city.
Madison Realty Capital is providing the financing, according to a news release. It refinances existing debt backing the two-tower luxury condo development at 18801 Collins Avenue, including loans provided by Bank OZK dating back to 2020. In April, the developers closed on $113.8 million in construction financing from City National Bank.
New York-based Madison is led by managing principals Brian Shatz, Josh Zegen and Adam Tantleff.
Berkadia’s Scott Wadler, Michael Basinski, Mitch Sinberg and others arranged the latest loan and the City National financing, according to the release. Vertical construction of the south tower is underway, and the sales center was relocated across the street as the developers prepare to break ground on the north tower next. The debt will also be used to expand the food and beverage and hospitality amenities.
The development is 80 percent presold, according to the release. The south tower will have 150 units and the north tower will have 170 units. Remaining units start at $5.1 million.
The oceanfront development, designed by Arquitectonica, is being built by Coastal Construction. It’s one of more than five dozen branded condo developments in South Florida, totaling nearly 15,000 units across the tri-county area.
The St. Regis Sunny Isles will also have more than 70,000 square feet of amenities, including two restaurants, a spa, pools and a wellness and lifestyle program.
In 2014, Fortune and Château spent almost $113 million to complete a buyout for the 4.7-acre development site with 435 feet of beachfront.
Other branded projects under construction in Sunny Isles include Dezer Development’s oceanfront Bentley Residences. Dezer secured a $630 million loan for the 61-story, 216-unit project last year. Madison Realty Capital is also the lender for that project.
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