Huge construction loan for Fortune’s Jade Signature

Miami /
Sep.September 29, 2014 10:30 AM

Fortune International Group scored a $284 million construction loan for its Jade Signature condo project in Sunny Isles Beach.

HSBC gave Edgardo Defortuna-led Fortune the financing on Friday, according to a written announcement from a spokesperson for the developer. The 192-unit Jade Signature is at least 80 percent presold. Pritzker Prize-winner Herzog & de Meuron collaborated with Parisian interior design firm PYR and landscape architect Raymond Jungles on the project.

Jade Signature is the third Fortune project financed by HSBC. The lender also gave loans for Jade Residences at Brickell Bay and Jade Beach.

The project is slated for a 2017 completion. Units range in price from $3 million to more than $26 million.

At $284 million, the Jade Signature loan is the fourth largest for a new condo project in the latest development cycle. The $332 million mortgage given to Consultatio’s Oceana Bal Harbour is the largest to date. — Eric Kalis


Related Articles

arrow_forward_ios
Images of Arte, Ritz-Carlton Residences Miami Beach, Ritz-Carlton Residences Miami Beach and One Thousand Museum (One Thousand Museum via One Sotheby's)
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Jeffrey Soffer and Turnberry Ocean Club (Getty, iStock)
Argentine politico drops $12M on two units at Turnberry Ocean Club
Argentine politico drops $12M on two units at Turnberry Ocean Club
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Turnberry Ocean Club and Jeffrey Soffer (Getty)
Closings begin at newly completed Turnberry Ocean Club in Sunny Isles
Closings begin at newly completed Turnberry Ocean Club in Sunny Isles
Icon unit tops list of most expensive condo sales in Miami-Dade (Google Maps; Icon Brickell)
Condo sales and dollar volume up from last week
Condo sales and dollar volume up from last week
A map of condo sales and Setai in Miami Beach (Credit: Google Maps)
Weekly condo sales volume in Miami drops to $50M
Weekly condo sales volume in Miami drops to $50M
From left: David Koster, Gabriel Markovich, Seth Kaufman and Daniel de la Vega
One Sotheby’s acquires Decorus Realty in Sunny Isles Beach
One Sotheby’s acquires Decorus Realty in Sunny Isles Beach
Ben Nehmadi, Joseph Zichelle, Melissa Barragan, and Adam Gurewicz, with the unit
Turnberry Ocean Colony PH in Sunny Isles Beach sells for $7M
Turnberry Ocean Colony PH in Sunny Isles Beach sells for $7M
arrow_forward_ios

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

Loading...