Developers Fortune International Group and Château Group landed their second loan this year — and fourth round of financing — for their Sunny Isles Beach condo project carrying Marriott International's luxury St. Regis brand.
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Madison Realty Capital provided a $463M financing package for the two-tower, 320-unit St. Regis Residences, Sunny Isles Beach, according to a release. The funds will go toward the ongoing construction on the project's South Tower, plus add new dining concepts, hospitality and amenities.
It refinances the $418.3M mortgage the developers landed from Bank OZK in December, which already was upsized from a $159M loan originated in April 2024.
“From the beginning, our objective has been to create a destination that extends well beyond exceptional residences,” Château Group CEO Manuel Grosskopf said in a statement. “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.”
It is unclear what specific offerings Fortune International, led by Edgardo DeFortuna, and Château Group plan to add to the development at 18801 Collins Ave.
A Berkadia Miami team of Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins, Brad Williamson and Matthew Monahemi arranged the deal.
The under-construction 170-unit south tower of the Arquitectonica-designed building is already more than 80% sold out.
The developers are preparing for the groundbreaking of the 150-unit north tower after securing a separate $113M loan from City National Bank of Florida in April.
Unit prices start at $5.1M.
The property will have 435 linear feet of direct water access and 70K SF of amenities, including two restaurants, a full-service spa, a pool and a wellness program.
The St. Regis is among 42 branded condos in Miami under construction and another 73 planned, according to a September Knight Frank report. Miami has the second-most branded residence projects in the world, behind only Dubai.
While the environment has drawn a lot of interest from developers over their ability to charge up to 30% premiums compared to nonbranded units, some are starting to question the market's viability as it becomes more saturated.
But lenders have remained confident in projects with name recognition as they continue to draw buyers before construction even begins. At Swire Properties' Residences at Mandarin Oriental Miami in Brickell Key, $1.7B of condos were sold before shovels hit the ground.
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