Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group have secured additional funding for the St. Regis Residences under construction in Sunny Isles Beach. Bank OZK, headquartered in Little Rock, Arkansas, has increased its loan commitment by over $200 million, bringing the total to $418.3 million according to property records and a news release. The initial loan of $119 million was issued in 2020 and was previously increased by $100 million last year.
The development consists of two towers with a total of 320 units on a 4.7-acre site at 18801 Collins Avenue, featuring 435 feet of ocean frontage. Sales for the south tower began in 2022; this 62-story building with 170 units is reportedly 90 percent presold and is expected to be completed by the end of 2028.
Sales for the north tower, also planned as a 62-story structure but now designed with 150 units, launched last year. Construction on this second tower may begin next year.
The projected sellout value for both buildings exceeds $3 billion, with available residences starting at $5 million each. Coastal Construction serves as general contractor while Arquitectonica, based in Coconut Grove, is responsible for design.
Other major developers have recently obtained significant construction loans for projects in South Florida. Last month, Naftali Group closed on $465 million in financing for its JEM Private Residences at Miami Worldcenter—a package that includes C-PACE financing from Nuveen Green Capital and traditional construction loans from BHI (Bank Hapoalim’s U.S. arm). Earlier this week, Allen Morris Company received a $138.5 million loan from BDT & MSD Partners and BHI for its Ziggurat mixed-use project in Coconut Grove.
Among recent deals, Dezer Development’s Bentley Residences project stands out after securing $630 million—one of the largest condo construction loans ever recorded in South Florida—from Madison Realty Capital earlier this November.
