Chateau, Fortune venture gets $25M loan

Loan obtained for recent Sunny Isles Beach acquisition

Dec.December 30, 2013 09:45 AM

A joint venture between Chateau Group and Fortune International has obtained a $25 million mortgage for the oceanfront Sunny Isles Beach property it recently acquired, The Real Deal has learned.

Sunny Isles Property Venture, a company created by the development firms, received the loan from Mexico-based Banco Inbursa on Dec. 20, according to Miami-Dade County records. The county recorded the transaction on Friday.

The Chateau and Fortune venture surprisingly purchased the nearly one-acre property at 15701 Collins Avenue for $41 million in a November foreclosure auction. Condo developer Gil Dezer was expected to take title to the site. Dezer-managed Soloser had been awarded a $36.3 million foreclosure judgment against the previous owner.

A 52-story tower called Solis Resort Spa & Residences was supposed to be developed on the property. Construction of Solis began in 2007, but little progress was made before the project stalled. Original plans called for 135 residences and 140 guestrooms.

Both Chateau, which is run by Argentina natives Sergio and Manuel Grosskopf, and Fortune have an existing presence in Sunny Isles. Chateau currently developing the luxury Chateau Beach Residences at 17475 Collins Avenue. Fortune’s projects in the city include Jade Beach, Jade Ocean and Jade Signature.

Fortune president and CEO Edgardo Defortuna told The Real Deal last month that development plans for the former Solis site have not been finalized. But the existing structure will “most likely” be demolished to make way for a brand-new residential building. Potential partnerships with a hotel or resort brand will be explored. — Eric Kalis

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