Ritz-Carlton Residences Sunny Isles developers pay off $212M loan

Bank OZK provided the loan in 2016

TRD MIAMI /
Apr.April 29, 2020 03:30 PM
Rendering of the Ritz-Carlton Residences, Sunny Isles Beach with Manuel Grosskopf and Edgardo Defortuna

Rendering of the Ritz-Carlton Residences, Sunny Isles Beach with Manuel Grosskopf and Edgardo Defortuna

The developers of the Ritz-Carlton Residences, Sunny Isles Beach paid off their $212 million construction loan after shifting to virtual sales over the last month.

Fortune International Group and Château Group paid off their lender, Little Rock, Arkansas-based Bank OZK, which provided the loan in September 2016.

The 52-story, 209-unit luxury condo tower was completed in February and had to close a majority of the units remotely after travel and non-essential businesses were shut down in March. Fortune and Château have sold more than 80 percent of the units, according to a press release.

Manuel Grosskopf, CEO of Château, said in statement that “paying off this loan so quickly after opening the tower” and during a pandemic speaks to interest in the project.

The Ritz-Carlton project, at 15701 Collins Avenue, was designed by Bernardo Fort-Brescia of Arquitectonica with interiors by Florentine architect Michele Bönan. Remaining units start at $2.6 million.

Amenities include a private club on the 33rd floor with two pool decks, a beach restaurant and bar, kids club, spa, and fitness and wellness centers. The Ritz-branded building does not include a hotel.

Buyers include Inter Milan soccer player Alexis Alejandro Sánchez Sánchez, who paid $2.45 million for a unit on the 26th floor.

Farther north in Sunny Isles, Dezer Development and the Related Group completed Residences by Armani/Casa in December, and hosted a blowout party in early March that featured an Armani fashion show and a performance from Pitbull.


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