Fortune International Group and Chateau group has secured a construction loan package of $463 million from Madison Realty Capital to complete St. Regis Residences condo development in Sunny Isles Beach, Fla.
Seaside project in 18801 Collins Avenue will include two 62-story skyscrapers. The debt package will refinance existing debt from OZ Bankwhich has issued $ 418 million for development starting in 2024, and providing funding to complete the construction of the South Tower, which was demolished in 2023.
The 170-unit skyscraper is expected to be completed by the end of 2028, according to representatives of the sponsor. So far, 80 percent of the units have been presold, generating more than $1.6 billion.
Construction has not yet begun for the 150-unit North Tower, although it has been completed secured $114 million in funding from City National Bank of Florida earlier this year.
Berkadia‘s Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins, Brad Williamson and Matthew Monahemi arranged the new financing from New York-based Madison Realty Capital.
“This transaction reflects our confidence in the Sunny Isles Beach submarket,” Josh blessingco-founder and managing principal of Madison Realty Capital, said in a statement. “Demand at the top of the market is concentrated in projects that pair the lack of seaside with the services and facilities of a five-star hotel.”
Last year, the lender granted $ 630 million for Gil Dezer to complete Bentley-branded, oceanfront condo skyscrapers nearby. The construction loan is South Florida’s largest loan issued for luxury condos in 2026.
Julia Echikson can be reached at jechikson@commercialobserver.com.