Developers of The St Regis Residences, Sunny Isles Beach, Miami, Secure $113.75 Million Development Loan With City National Bank For North Tower

Fortune International Group and Château Group, developers of The St. Regis Residences, Sunny Isles Beach, Miami, have announced the closing of a $113.75 million land loan for the North Tower with City National Bank of Florida.

The financing, arranged through Berkadia Miami, will support the project’s next phase, with the North Tower slated to break ground this summer as construction of the nearly sold-out South Tower progresses. The transaction underscores continued institutional confidence in the branded oceanfront development and its position within South Florida’s super-prime residential market.

“Today’s achievement represents another important step forward in the continued execution of our vision for The St. Regis Residences, Sunny Isles Beach, Miami” said Edgardo Defortuna, CEO of Fortune International Group. “We’ve seen strong alignment from both buyers and capital partners, and this milestone continues to propel the project into its next phase.”

“Momentum across the development has been consistent from the outset,” said Manuel Grosskopf, CEO of Château Group. “With the South Tower nearing sell-out and construction well underway, the North Tower builds on that foundation as we continue to deliver a project that resonates with today’s ultra-luxury buyer.”

“Our work with Fortune International Group spans many years, and this transaction brings together that history and our relationship with the Grosskopfs of Château Group,” said Jorge Gonzalez, Vice Chairman and CEO of City National Bank. “We appreciate the alignment and professionalism both organizations bring to projects of this nature.”

“We welcome the opportunity to begin working with Château Group through this financing,” said Christian Sundblad, Executive Vice President and Chief Wholesale Officer of City National Bank. “Their perspective and alignment with this project give us optimism as we establish a new relationship.”

Berkadia Miami Managing Director Scott Wadler and Director Michael Basinski, along with Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Brad Williamson, arranged the loan.

“Sunny Isles Beach has emerged as one of the most coveted addresses in the world, and the Sponsors have long understood this market's trajectory having acquired the site more than a decade ago,” said Wadler. “In today's capital markets environment, pre-development financing for a site and tower of this scale requires a sponsor team with an impeccable track record and the credibility to inspire lender confidence. Fortune International and Château Group bring both.”

Together, the two-tower enclave represents one of the most significant new residential offerings along Sunny Isles Beach, featuring approximately 435 linear feet of direct Atlantic frontage – the most of any residential enclave currently rising in the region – and more than 70,000 square feet of integrated amenities, including two signature restaurants, a full-service spa, resort-style pools, and a comprehensive wellness and lifestyle program.

The South Tower, scheduled for completion in 2028, comprises 170 residences, while the North Tower includes 150. Designed by Arquitectonica and built under the supervision of Coastal Construction, the development pairs a bold architectural profile with a hospitality-driven residential model anchored by St. Regis.

Remaining residences are priced from approximately $5 million. The on-site oceanside sales gallery is located at 18801 Collins Avenue, Sunny Isles Beach.

Renderings via Binyan Studios, DBOX and ARQ

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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The Wills Companies Acquires The Islands of Islamorada In The Florida Keys For $72 Million

The Wills Companies, a reputable real estate development firm, has recently completed the acquisition of The Islands of Islamorada luxury resort in Islamorada, Florida, from The Frisbie Group of Palm Beach. The transaction, which amounted to $72 million, was financed by City National Bank of Florida with strategic guidance and underwriting provided by Metropolis Capital Advisors.

“The Frisbie Group has created a truly special destination in Islamorada, and we are committed to continuing that legacy of excellence,” said Tim Wills of The Wills Companies. “The Islands of Islamorada presents an infinite array of opportunities for future homeowners. Imagine owning a piece of paradise, steps from the beach, with all the amenities of a world-class resort at your fingertips. It’s truly an unparalleled lifestyle.”

The Islands of Islamorada, a newly built resort in the Upper Keys, consists of 22 waterfront villas and an oceanfront eight-unit suite hotel. The Wills Companies, in partnership with Urgo Hotels, Indigo Hotel Group LLC, Badlands Hotel Capital, Dolben Company, and other prominent investors, intends to maintain the existing five-star luxury resort while introducing the 22 waterfront villas as luxury residential units available for purchase for the first time. Each residence boasts four bedrooms, full kitchens, and outdoor leisure spaces.

The distinctive ownership model of the resort homes will enable residents to relish a maintenance-free resort lifestyle while also enjoying passive income from the rental operation. Prospective buyers can benefit from significant tax advantages through 1031 exchanges. The gated property offers an array of amenities, including pools, a Tiki Bar, Pickle Ball courts, a private beach, a marina, watersports, and a driving range that launches biodegradable golf balls into the ocean.

Tim Wills of The Wills Companies expressed enthusiasm about continuing the tradition of excellence established by The Frisbie Group at The Islands of Islamorada. He highlighted the remarkable opportunities available for future homeowners, emphasizing the unparalleled lifestyle of owning a piece of paradise with resort amenities at their disposal.

Ocean Sotheby's International Realty, a key partner in the transaction, will oversee the sale of the single-family homes at the resort. With a wealth of experience and market knowledge, Ocean Sotheby's International Realty, led by Russell Post since 2010, played a crucial role in finalizing the deal.

Located in the esteemed Village of Islamorada, the resort is situated in a prime location within the "Sportfishing Capital of the World." Residents will have easy access to an array of outdoor activities, including fishing, diving, snorkeling, and boating, as well as nearby dining establishments, shops, and galleries.

The acquisition of The Islands of Islamorada by The Wills Companies marks a significant development in the real estate landscape of the Florida Keys, offering potential buyers a unique opportunity to own a luxurious waterfront residence with resort-style amenities in a sought-after destination.

Images via 1OAK Studios and Sargent Photography

Ugo Colombo's CMC Group Secures $69.9 Million Refinancing Loan For 4000 Ponce Home of The Collection

Miami-based luxury real estate development firm CMC Group has secured a $69.9 million loan from City National Bank of Florida (CNB) for the refinancing of 4000 Ponce / The Collection, a nine-story Class-A mixed use office and retail development in the heart of Miami’s elite Coral Gables neighborhood. Developed by veteran developer and CMC Group Founder Ugo Colombo in 2002, the Mediterranean-style building also is home to The Collection, one of the most successful luxury car dealerships in the United States, with brands including Ferrari, Aston Martin, Porsche, Maserati, Alfa Romeo, McLaren and Audi. Located at the confluence of Ponce de Leon Boulevard and Bird Road in Coral Gables, 4000 Ponce features 150,000 SF of Class A office space and 32,000 SF of prime ground-floor retail. The building is more than 90% leased to tenants including Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates.

“Our ability to secure this refinancing for 4000 Ponce is a testament to the building’s enduring value and strategic significance in the Coral Gables market,” said developer Ugo Colombo, Founder of CMC Group. “As the anchor of Coral Gables’ Southern Business District, 4000 Ponce not only boasts a premier walkable setting adjacent to The Shops at Merrick Park, but also a top-tier tenant roster including The Collection’s flagship location, which has called the building home for more than 20 years. With this refinancing, 4000 Ponce continues to set the standard for being one of the most prestigious business addresses in Miami, reinforcing its position as a cornerstone of sophistication and quality in the market.”

JLL Capital Markets worked on behalf of the borrower, CMC Group, to secure the five-year, floating-rate senior loan through City National Bank of Florida (CNB) Senior Vice President and Real Estate Banking Executive Karen Richardson. The JLL Capital Markets Debt Advisory team representing CMC Group was led by Senior Managing Director Paul Stasaitis, Associate Paul Adams, and Analyst Nicole Barba. Jim Shindell and Hannah Lidicker of Bilzin Sumberg represented CMC Group.

“This debt placement demonstrates that lenders highly value the fundamentals, such as a location that has blossomed into an upscale live, work, play urban neighborhood with convenient access to transit. But more importantly, the sponsor has demonstrated a long history of successful office occupancy and an operating business that leads in its industry space. We are experiencing the emergence of astute lenders who recognize that our local office markets are different than national themes and that every asset should be viewed singularly on its merits,” said Paul Stasaitis.

“CMC Group has been one of Florida’s most prolific real estate firms for more than 30 years, and 4000 Ponce has been a centerpiece of commercial activity in Coral Gables since its development. Our decision to finance the asset aligned closely with our dual focus on relationship banking and providing capital to clients that are fueling Florida’s real estate market, which is among the nation’s strongest,” according to Gary Fitzgerald, Executive Vice President and Real Estate Banking Executive at City National Bank of Florida.

Developed in 2002, 4000 Ponce offer a grand lobby, common areas and elevators enhanced by marble, Venetian stucco, cherry millwork, and bronze, while its exterior stands out for the iconic Mediterranean-style architecture that distinguishes ‘The City Beautiful.’ Each floor of office space contains approximately 30,000 rentable square feet, with flexible floor plans for both full-floor users and multi-tenant use. The smart building is equipped with the latest systems for fully-integrated broadband communications service, high-speed internet and data network service, and features ample on-site parking in an attached garage with a ratio of three spaces per 1000 SF, with a special visitor parking area on the mezzanine level.

4000 Ponce is surrounded by an abundance of executive housing and is adjacent to The Shops at Merrick Park, one of the South Florida’s most coveted shopping districts. Tenants enjoy the frequent service of the Coral Gables trolley which stops in front of the building and provides access to Miracle Mile, as well as the nearby MetroRail station. The property is also within walking distance from US-1 and is approximately 20 minutes away from Miami International Airport.

CMC Group’s South Florida development portfolio includes luxury residential towers including Bristol Tower, Santa Maria, Epic Residences and Hotel, Grovenor House, Porto Vita and Brickell Flatiron. CMC Group’s most recent developments include Onda Residences, which is delivering this Summer in Miami’s Bay Harbor Islands; Vita at Grove Isle, an ultra-luxury boutique condominium under construction on the private island of Grove Isle in Miami’s Coconut Grove neighborhood; and the newly unveiled Four Seasons Private Residences, also in Miami’s Coconut Grove.

Deco Capital Secures $60 Million Construction Loan For Eighteen Sunset In Sunset Harbour

Deco Capital Group has secured $60 million in construction financing from City National Bank of Florida for Eighteen Sunset in Miami Beach’s hot Sunset Harbour neighborhood. The loan will fund the ongoing development of the newest mixed-use project combining office, retail, and residential uses. Eighteen Sunset broke ground in November 2021 and is expected to be completed in late 2023.

Eighteen Sunset will feature street-level retail and restaurant space, two floors of Class A+ offices totaling 40,000 square feet, and an exclusive top-floor penthouse featuring more than 15,000 square feet of interior space as well as a breathtaking rooftop pool deck. All told, the penthouse residence comprises approximately 30,000 square feet of private indoor and outdoor space, outdoor dining room, expansive gardens, seating and recreational areas affording the owner and their guests panoramic vistas of Biscayne Bay, Downtown Miami, and evening sunsets to the west.

“We’ve seen significant interest from some of the most desirable and prosperous buyers and tenants in the country, who are looking at Eighteen Sunset from both a residential perspective and as a ‘live-work’ opportunity in the heart of one of South Florida’s most desirable districts,” said Deco Capital Group Founder Bradley Colmer. “The level and quality of demand we’re seeing in Miami Beach is as strong as it’s ever been and we are already talking with some of the most exciting businesses and retailers in the market. Now that Eighteen Sunset is coming out of the ground and our financing is in place, we expect the building to be filled in short order.”

Situated between Purdy Avenue and Bay Road, overlooking Biscayne Bay and Maurice Gibb Park, Eighteen Sunset will offer unmatched walkability and accessibility in the heart of Sunset Harbour, which has emerged as one of South Florida’s hottest lifestyle, retail, fitness, and dining destinations.

The penthouse is listed with Oren Alexander of Douglas Elliman, the retail leasing is overseen by Sara Wolfe of Koniver Stern and Stephen Rutchik of Colliers International is overseeing the office leasing.

Renderings via Eighteen Sunset

One Of The Largest Multifamily Portfolio's Assembled In Miami's Little Haiti Trades For $11.6 Million In Off-Market Transaction

One of the largest multifamily portfolios ever assembled and sold in Miami’s fast-growing Little Haiti neighborhood has sold for $11.6 million. Secamar LLC sold Buena Vista Gardens, the 89-unit portfolio at 5601 NW First Ave., to Bowery Properties, led by Thomas Neary. The transaction was overseen by DWNTWN Realty Advisors Executive Skyler Marinoff who represented both the buyer and seller in the off-market transaction. City National Bank provided acquisition financing to the buyer which closed on July 23.

“I am thrilled to complete this transaction, which underscores our firm’s creativity, strong relationships and role as a market leader,” Marinoff said. “Little Haiti is seeing significant multifamily investment activity in conjunction with the neighborhood’s overall expansion. Large-scale development in the pipeline for Little Haiti and surrounding neighborhoods will further fuel investor interest.”

Kobi Karp-Designed Time Century Jewelry Center Secures $23.6 Million Construction Loan

Time Century Jewelry Center in Downtown Miami, led by real estate developer Yair Levy, has locked down a $23.6 million construction loan from City National Bank of Florida. The loan will fund phase 1 of the development which is scheduled to open in mid-2022. The construction crew is now working at installing a new HVAC system, building partition walls for the tenants, installing new plumbing and rewiring the electrical power system.

Time Century, formerly known as Metro Mall, is located at 1 NE First St. and spans 225,000 SF. The retail center is undergoing a $50 million renovation led by renowned architect Kobi Karp. With glass storefronts, soaring ceilings, elegant escalators and elevators, and state-of-the-art security, Time Century will be the first luxury high street retail property in Miami’s jewelry & diamond district.

Once completed, the jewelry center will offer four floors of luxury jewelry retail and wholesale space as well as four additional floors of offices. A large three-story atrium with newly designed escalators and computerized directories will seamlessly direct customers throughout all levels. Most tenants will have unobstructed signage viewable from the main floor. Customers will also benefit from Time Century’s valet parking service and the several newly-built public parking garages steps away from the building.

The wholesale retail space currently available ranges from 500 SF to 2,000 SF with rental rates ranging from $65 to $150 PSF.

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