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

The site is approved for 490 units

TRD 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 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
Southland Mall, 20505 South Dixie Highway in Cutler Bay with JLL's Tom Hall and Danny Finkle (Google Maps, JLL)

Southland Mall’s troubled $65M CMBS loan for sale

Southland Mall’s troubled $65M CMBS loan for sale
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
Yard 8 and Wood Partners CEO Joseph Keough (Courtesy of ACRE)

Wood Partners lands $86M refi for Midtown Miami apartments

Wood Partners lands $86M refi for Midtown Miami apartments
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...