Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group have secured additional financing for the ongoing construction of the St. Regis Residences in Sunny Isles Beach. Bank OZK, headquartered in Little Rock, Arkansas, increased its existing loan by more than $200 million, bringing the total to $418.3 million, according to property records and a company announcement.
The joint venture initially received a $119 million loan from Bank OZK in 2020. Last year, the bank raised that amount by $100 million before this latest increase completed the project’s construction financing.
The development consists of two towers with a combined 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 has 170 units and is reportedly 90 percent presold. Completion is expected by the end of 2028.
Sales for the north tower—a second 62-story structure now planned for 150 units—began last year. Construction on this building could start next year.
The projected sellout value for both buildings exceeds $3 billion, with available units starting at $5 million each. Coastal Construction serves as general contractor, while Arquitectonica is handling design responsibilities.
Other large construction loans have recently been closed in South Florida. Naftali Group obtained $465 million in financing for its JEM Private Residences tower at Miami Worldcenter last month, combining C-PACE financing from Nuveen Green Capital with traditional loans from BHI (Bank Hapoalim’s U.S. arm). Earlier this week, Allen Morris Company received a $138.5 million loan for its Ziggurat mixed-use development in Coconut Grove from BDT & MSD Partners and BHI.
Among recent deals, Dezer Development secured one of South Florida’s largest condo construction loans: a $630 million package from Madison Realty Capital earlier this November for its Bentley Residences project in Sunny Isles.
