Developers have secured $463 million in financing for The St. Regis Residences, Sunny Isles Beach, Miami, a two-tower oceanfront condominium development under construction at 18801 Collins Avenue in Sunny Isles Beach. Fortune International Group and Château Group obtained the financing from Madison Realty Capital, with proceeds refinancing existing debt from Bank OZK while providing additional capital for continued construction of the 62-story South Tower.
Arranged by Berkadia Miami, the transaction follows the completion of foundation work at the South Tower this summer, with vertical construction now underway. The tower is more than 80 percent sold and is planned to contain 170 condominium residences.
The financing was arranged by Berkadia Miami Managing Director Scott Wadler and Director Michael Basinski, along with Senior Managing Director Mitch Sinberg, Managing Directors Matt Robbins and Brad Williamson, and Senior Analyst Matthew Monahemi.
The St. Regis Residences is being developed by Fortune International Group and Château Group on a 4.7-acre site extending across approximately 435 linear feet of Atlantic Ocean frontage. Arquitectonica is the design architect, Anastassiadis is handling interior design, EDSA is the landscape architect, and Coastal Construction is serving as general contractor.
Plans call for two 62-story towers rising approximately 750 feet along the oceanfront. The South Tower will contain 170 residences, while the future North Tower is planned with 150 residences, bringing the current development program to 320 units.
More than 70,000 square feet of amenity space is planned across the property, including two restaurants, a full-service spa, swimming pools, fitness and wellness spaces, and additional hospitality and resident programming.
The developers have also relocated the project’s sales gallery across Collins Avenue as preparations advance for construction of the North Tower. The new sales gallery is planned at 18590 Collins Avenue.
The North Tower received $113.75 million in development financing from City National Bank of Florida earlier this year. That loan, also arranged by Berkadia Miami, was announced in April to support pre-development activity for the second phase.
Current timelines list the first phase for completion in 2028, with the second phase expected to follow in 2029.
The development team and financing parties provided the following comments regarding the new financing:
“From the beginning, our objective has been to create a destination that extends well beyond exceptional residences,” said Manuel Grosskopf, CEO of Château Group. “Over time, we’ve increased the programming with additional hospitality offerings and new dining concepts that will become integral components of the property. This financing allows us to execute that vision as the next phase of construction progresses.”
“We’ve continued to refine and build upon the vision for The St. Regis Residences, Sunny Isles Beach, Miami as the project has taken shape,” said Edgardo Defortuna, CEO of Fortune International Group. “As the scope has grown, it’s been important that our financing evolve alongside it. This financing provides the flexibility to continue enhancing the experience for future residents while maintaining the strong momentum we’ve established.”
“This transaction reflects our conviction in the Sunny Isles Beach submarket,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “Demand at the top of the market is increasingly concentrated in projects that pair oceanfront scarcity with the service and amenities of a five-star hotel. Delivering on that combination requires an experienced development team, and Fortune International Group and Château Group have a proven track record of developing exceptional properties in the region.”
“Construction financing of this magnitude reflects more than the strength of the asset – it reflects the confidence lenders have in experienced sponsors with a proven ability to execute,” said Scott Wadler, Managing Director, Berkadia Miami. “We’re proud to continue supporting Fortune International Group and Château Group as The Residences advance from vision to reality. This transaction underscores the enduring appeal of premier oceanfront opportunities in Sunny Isles Beach and the continued demand for best-in-class luxury residential developments.”
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Cool towers. Better than the cookie cutter podium buildings in Edgewater/Brickell.