Fortune, Château close $212M loan for Ritz-Carlton Sunny Isles

Fortune and Château broke ground on the 52-story, 212-unit tower in June

TRD MIAMI /
Sep.September 27, 2016 09:45 AM

Fortune International Group and Château Group closed on $163.11 million in construction financing for the Ritz-Carlton Residences in Sunny Isles Beach, boosting their mortgage to $212.11 million. 

Records show the developers, Sunny Isles Property Venture LLC, secured the loan from Bank of the Ozarks, an active lender in South Florida and New York.

Fortune and Château broke ground on the 52-story, 212-unit tower in June, at the time telling The Real Deal that they were in the process of securing financing with a traditional lender.

As of June, the Ritz was more than 65 percent sold to buyers from the Northeast, South America and Europe, Manuel Grosskopf said. Prices start at $2.5 million, and units range from 1,605 square feet to 3,640 square feet.

Suffolk Construction is the general contractor for the project at 15701 Collins Avenue, which is slated to be completed by the end of 2018. It’s designed by Arquitectonica with interiors by Michele Bönan.

Construction financing has become more challenging to obtain because of the number of projects underway and the slowdown in sales, experts have said.

Defortuna told TRD in the summer that “the buyer and broker [communities] are still very interested” in the oceanfront project. “Certainly the market has slowed down somewhat,” he said. “Unfortunately, we were all spoiled with a very hot market the last few years.” 


Related Articles

arrow_forward_ios
Jeffrey Soffer and Jim Cohen

Jeffrey Soffer hires another Turnberry alum to expand resi division

Peter DiCorpo and Nathalie Rader

Movers & Shakers: Allen Morris Co. taps new COO & more

Fendi Chateau and Israel Roizman of Roizman Development (Credit: Chateau Group via Curbed)

Low-income housing developer buys condo at Fendi Château

Jade Signature and Fares Noujaim (Credit: Curbed and Wikipedia)

Guggenheim Partners exec plunks down $10M for Jade Signature condo

Fortune’s Vaster Capital partners with Related Group to expand lending firm

Judge dismisses lawsuit against Edgardo Defortuna tied to Jade Ocean

Edgardo Defortuna faces lawsuits over two of his condo developments

On the scene: Architects, designers and developers kick off Miami Art Week & more

arrow_forward_ios