St. Regis Sunny Isles developers land $463M construction loan
The financing from Madison Realty Capital is meant to refinance existing debt and fund completion of the oceanfront project's south tower.
The developers of the St. Regis Residences in Sunny Isles Beach have secured a $463 million construction loan from New York-based Madison Realty Capital, Commercial Observer reported Monday.
Fortune International Group and Château Group are building the oceanfront project at 18801 Collins Avenue, which is planned as two 62-story towers. According to Commercial Observer, the new financing refinances existing Bank OZK debt and pays for completion of the south tower, which broke ground in 2023.
The outlet reported that the south tower will have 170 units and is expected to be finished by the end of 2028, based on a statement from a representative of the sponsors. The north tower, with 150 units, has not started construction, according to the report.
Commercial Observer also reported that about 80% of the units have been presold, representing more than $1.6 billion in sales. It said City National Bank of Florida provided $114 million earlier this year for the north tower.
Berkadia arranged the financing, the report said.
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