Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group closed on additional financing for their under-construction St. Regis Residences in Sunny Isles Beach.
Little Rock, Arkansas-based Bank OZK increased the existing loan by over $200 million to $418.3 million, completing the project’s construction financing, according to property records and a news release. Bank OZK provided the developers’ joint venture with a $119 million loan in 2020, and last year boosted that by $100 million.
The two-tower, 320-unit development is being built on the 4.7-acre site at 18801 Collins Avenue. The property has 435 feet of ocean frontage.
Sales of the south tower launched in 2022, and the 62-story, 170-unit building is 90 percent presold. The building is expected to be completed by the end of 2028, according to the release.
Sales of the 62-story, now 150-unit north tower launched last year. Construction on that second tower could start next year.
The estimated sellout for both buildings is more than $3 billion. Available units start at $5 million.
Coastal Construction is the general contractor. Coconut Grove-based Arquitectonica is designing the project.
Other developers have secured large construction loans for their projects.
Naftali Group closed on $465 million in financing for its JEM Private Residences tower at Miami Worldcenter last month. That package consists of $235 million in C-PACE (Commercial Property Assessed Clean Energy) financing from Nuveen Green Capital and $230 million in traditional construction loans from BHI, the U.S. arm of Bank Hapoalim.
Just this week, Allen Morris Company received a $138.5 million construction loan for its mixed-use Ziggurat development in Coconut Grove. BDT & MSD Partners, and BHI, are the lenders.
But the largest loan to close in recent weeks and one of the biggest condo construction loans in South Florida history is Dezer Development’s $630 million financing for the oceanfront Bentley Residences condo project in Sunny Isles, secured in early November. New York-based Madison Realty Capital is the lender.
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