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.


Related Articles

arrow_forward_ios
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
Michael Wohl and a rendering of the project

Coral Rock lands construction loan on Hialeah project

Coral Rock lands construction loan on Hialeah project
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
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
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)

Terra and Related pay off $112M construction loan for Park Grove condo tower

Terra and Related pay off $112M construction loan for Park Grove condo tower
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
Judge gives Regalia developer A year to sell remaining units

Bankruptcy judge gives Regalia developer a year to sell PH and beach house

Bankruptcy judge gives Regalia developer a year to sell PH and beach house
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
arrow_forward_ios

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

Loading...