Huge construction loan for Fortune’s Jade Signature

HSBC provides $284 million in financing for Sunny Isles condo project

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

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