Fortune International Group and Château Group, developers of The St. Regis Residences, Sunny Isles Beach, Miami, announced today that they have secured a $418.3 million construction loan package. Bank OZK was the lender. The total package ranks among the largest ever for Sunny Isles Beach real estate.
The latest financing for the under-construction, two-tower oceanfront development comes on the heels of significant sales activity and international buzz. The Residences’ South Tower is now 90% sold, while at the adjacent North Tower – the community’s second and final building – the volume of contracts continues to underscore sustained buyer demand.
“We are pleased to confirm that The St. Regis Residences, Sunny Isles Beach, Miami closed its construction loan with Bank OZK, which was the existing lender on the property for a number of years, completing the capital stack of the project,” said Edgardo Defortuna, CEO of Fortune International Group. “Securing this loan confirms the strong confidence lenders have in our vision.”
“This loan reflects the pace-setting sales and sustained demand for this project and South Florida’s evolving luxury market,” said Manuel Grosskopf, CEO of Château Group. “Our project has firmly established itself as one of the region’s most desirable new developments. We look forward to delivering its completion and welcoming our owners.”
Rendering via DBOX
Featuring an unprecedented 435 linear feet of oceanfront – the most of any residential enclave currently rising in the region – The St. Regis Residences, Sunny Isles Beach, Miami was designed by the acclaimed architectural firm Arquitectonica, with construction overseen by industry authority Coastal Construction.
The South Tower, with 170 residences, is on track for completion in late 2028. The North Tower, comprising 150 residences, will break ground next year. The total sell-out for both towers is projected to exceed $3 billion.
Remaining residences start at $5 million. The on-site, oceanside sales gallery is located at 18801 Collins Avenue, Sunny Isles Beach.
Rendering via DBOX
Rendering via DBOX
Interior renderings via Binyan Studio unless otherwise noted
The St. Regis Residences, Sunny Isles Beach, Miami are not owned, developed or sold by Marriott International, Inc. or its affiliates (“Marriott”). La Playa Beach Associates, LLC uses the St. Regis marks under a license from Marriott, which has not confirmed the accuracy of any of the statements or representations made about the project.
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