Chateau, Fortune venture gets $25M loan

Miami /
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


Related Articles

arrow_forward_ios
A photo illustration of Miami real estate agent Daniela Rendon (Getty, LinkedIn/Daniela Rendon, United States District Court)
Miami real estate agent charged with $381K PPP fraud
Miami real estate agent charged with $381K PPP fraud
From left: Lockton Companies' Fred Zutel, KAR Properties' Shahab Karmely, Bilzin Sumberg's Suzanne Amaducci-Adams, and International Sales Group's Craig Studnicky
Soaring costs and slowing demand complicate South Florida condo projects
Soaring costs and slowing demand complicate South Florida condo projects
Arte Surfside at 8955 Collins Avenue
Arte Surfside closing tops Miami-Dade weekly condo sales
Arte Surfside closing tops Miami-Dade weekly condo sales
Palazzo Della Luna at 6800 Fisher Island Drive in Miami Beach
Palazzo Della Luna closing tops Miami-Dade weekly condo sales
Palazzo Della Luna closing tops Miami-Dade weekly condo sales
Grove at Grand Bay
Grove at Grand Bay, One Thousand Museum tie for priciest weekly condo sale
Grove at Grand Bay, One Thousand Museum tie for priciest weekly condo sale
Irving Langer and Johann Graf with Muse Sunny Isles Beach (Getty, Novomatic, Google Maps)
Heir to Austrian billionaire’s fortune buys Sunny Isles penthouse
Heir to Austrian billionaire’s fortune buys Sunny Isles penthouse
Park Grove at 1 Park Grove Lane in Miami (Google Maps)
Park Grove tops Miami-Dade’s weekly condo sales
Park Grove tops Miami-Dade’s weekly condo sales
One Thousand Museum, Continuum South Tower and The Surf Club Four Seasons (Illustration by The Real Deal with Getty, Google Maps)
Miami-Dade condo sale prices finish 2022 strong
Miami-Dade condo sale prices finish 2022 strong
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...