Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group have secured additional funding for their St. Regis Residences project in Sunny Isles Beach. The developers’ joint venture received an increase in construction financing from Bank OZK, raising the total loan to $418.3 million, according to property records and a news release. This marks an addition of over $200 million to the existing financing.
Bank OZK, based in Little Rock, Arkansas, initially provided a $119 million loan for the project in 2020 and increased it by $100 million last year.
The St. Regis Residences is a two-tower development located at 18801 Collins Avenue on a 4.7-acre oceanfront site with 435 feet of frontage. The south tower, which stands 62 stories tall and contains 170 units, launched sales in 2022 and is currently 90 percent presold. According to the release, this building is expected to be completed by the end of 2028.
Sales began last year for the north tower, also planned at 62 stories but now with 150 units. Construction on this second tower could begin next year.
The projected sellout value for both buildings exceeds $3 billion, with available units starting at $5 million.
Coastal Construction serves as general contractor for the project, while Arquitectonica, based in Coconut Grove, is handling design.
Other significant construction loans have been reported recently in South Florida’s real estate market. Naftali Group secured $465 million for its JEM Private Residences at Miami Worldcenter through C-PACE financing from Nuveen Green Capital and traditional loans from BHI. Earlier this week, Allen Morris Company received a $138.5 million loan from BDT & MSD Partners and BHI for its Ziggurat mixed-use development in Coconut Grove.
The largest recent condo construction loan was Dezer Development’s $630 million financing for Bentley Residences in Sunny Isles Beach. Madison Realty Capital provided that loan earlier this November.
