Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group have secured additional financing for the St. Regis Residences project in Sunny Isles Beach. Bank OZK, based in Little Rock, Arkansas, increased its loan to $418.3 million, finalizing the construction funding for the development. The bank initially provided a $119 million loan in 2020 and expanded it by $100 million last year.
The St. Regis Residences is a two-tower project with 320 units located at 18801 Collins Avenue on a 4.7-acre site with 435 feet of ocean frontage. Sales for the south tower began in 2022, and according to the developers, “the 62-story, 170-unit building is 90 percent presold.” Completion of this building is expected by the end of 2028.
Sales for the north tower, which will now have 150 units across 62 stories, started last year. Construction on this second tower could begin next year. The combined estimated sellout value for both towers exceeds $3 billion, with available units starting at $5 million.
Coastal Construction serves as general contractor while Arquitectonica, based in Coconut Grove, is responsible for design.
Several other major South Florida projects have also recently secured large construction loans. Naftali Group obtained $465 million in financing for its JEM Private Residences at Miami Worldcenter through a combination of C-PACE financing from Nuveen Green Capital and traditional loans from BHI (https://therealdeal.com/miami/2024/05/23/naftali-group-closes-on-465m-financing-for-miami-worldcenter-condo-project/). Allen Morris Company received a $138.5 million loan from BDT & MSD Partners and BHI for its Ziggurat mixed-use development in Coconut Grove (https://therealdeal.com/miami/2024/05/28/morris-company-lands-139m-loan-for-ziggurat-in-coconut-grove/). The largest recent condo construction loan was Dezer Development’s $630 million financing from Madison Realty Capital for Bentley Residences in Sunny Isles (https://therealdeal.com/miami/2024/11/10/dezer-development-secures-630m-loan-for-bentley-residences-in-sunny-isles-beach/).
