Fortune and Château score $119M refi for Sunny Isles condo project

The site is approved for 490 units

Miami /
May.May 06, 2020 08:45 AM
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune International Group and Château Group scored $119 million in refinancing from Bank OZK for their planned La Playa de Varadero condo development in Sunny Isles Beach.

The developers are planning to build two 56-story condo towers on the vacant site at 18801 Collins Avenue. The site is approved for 490 residential units and 1.15 million square feet, according to a release.

Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Dominick Calisto brokered the deal, according to the release

Stolly said the $119 million loan retires a pre-existing loan, and “gave [the developers] a fresh, five-year loan until they are ready to build.”

Fortune and Chateau paid $113 million for the 4.7-acre development site in November 2014. At the time, it was occupied by La Playa de Varadero condo-hotel. The developers bought out the owners’ units individually.

Little Rock, Arkansas-based Bank OZK is one of the most active condo construction lenders in Miami, lending to some of the area’s largest projects, including a $558 million loan to The Trump Group’s The Estates at Acqualina in Sunny Isles Beach in 2018.

Sunny Isles Beach is home to some of South Florida’s largest condo towers, but the area faces a multi-year long oversupply of luxury units. Only four condos priced over $1 million sold in April, down 77 percent compared to April 2019. There are currently 643 active listings priced above $1 million, according to data compiled through the Multiple Listing Service by Ana Bozovic of Analytics Miami.

Chateau Group and Fortune International also partnered together to build the 52-story Ritz-Carlton Residences, Sunny Isles Beach. Bank OZK also funded that project, providing a $212 million construction loan in September 2016. The partnership paid off that loan last week.


Related Articles

arrow_forward_ios
A unit at Turnberry Ocean Club was the most expensive condo sold last week (Turnberry Ocean Club)
$11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
$11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
Infinity project (Kobi Karp)
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
Federal prosecutors allege Naman Wakil laundered ill-gotten Venezuelan contracts with Miami area condo purchases (Getty)
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
The highest sale last week was a $17 million penthouse at Porche Design Tower (Porche)
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
DLocal founder Andres Bzurovski with the Porsche Design Tower penthouse (DLocal)
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
The Penthouse at Mansions at Acqualina has two grand salons and a covered terrace with a pool.
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
Verzasca brings on Compass to sell out remaining units at Sunny Isles condo tower
Russian developer taps Compass to take over sales of Aurora condo tower in Sunny Isles
Russian developer taps Compass to take over sales of Aurora condo tower in Sunny Isles
(Google Maps, Mansions At Acqualina)
$27M penthouse sale in Sunny Isles leads weekly condo sales
$27M penthouse sale in Sunny Isles leads weekly condo sales
arrow_forward_ios

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

Loading...