Fortune, Château Secure $463M for Miami Luxury Condo Development
This is the second financing for the project this year.
Fortune International Group and Château Group have obtained $463 million from Madison Realty Capital for St. Regis Residences, a 320-unit luxury condo development in Sunny Isles Beach, Fla., according to Commercial Observer.
Most of the proceeds will pay off a $418.3 million financing package originated by Bank OZK, one of the largest such deals ever in Sunny Isles Beach. The remainder will fund the completion of the project’s South Tower, which is already 90 percent sold.
Earlier this year, City National Bank of Florida originated a $113.8 million loan for the North Tower. Berkadia arranged both deals this year.
Upon delivery, St. Regis Residences will include two 62-story buildings, expected to generate more than $3 billion in sales. Project partners include Arquitectonica as architect and Coastal Construction as general contractor. Anastassiadis will oversee interior design, while EDSA will be in charge of landscape architecture.
A Florida luxury project
The developers broke ground on the South Tower in 2023, with the mat foundation pour completed this summer. Opening is set for 2028. Meanwhile, construction at the North Tower is set to begin this quarter.
Located at 18801 Collins Ave., the development has 435 linear feet of direct Atlantic frontage. Aventura Mall and Country Club Estates are within walking distance, as well as other luxury condo properties such as Residences by Armani/Casa. Downtown Miami is less than 20 miles south via Interstate 95.
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The property will follow a hospitality-driven residential model, with the South Tower comprising 170 units and The North Tower 150 units, respectively. The high-rises are to include two- to five-bedroom floorplans ranging from 1,838 to 4,436 square feet.
Spanning more than 70,000 square feet, amenities will feature two restaurants, a private spa, a fitness and wellness center, a private residents’ club, a terrace and a golf simulator, as well as indoor and outdoor pools, among others.
Recent Miami condo financings
Another major financing deal made headlines this month in the Miami condo real estate market. Terra Group received a $507 million construction loan for the development of 1250 West Ave., a 28-story condo project located some 13 miles from St. Regis Residences. TYKO Capital originated the note.
Also in northern Miami, Shoma Group obtained $172.5 million in C-PACE financing for Shoma Bay, a 333-unit luxury condominium tower. The transaction placed the project at 1850 John F. Kennedy Causeway among Florida’s largest C-PACE-financed developments.
