Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group have secured additional financing for the St. Regis Residences project in Sunny Isles Beach. Bank OZK, headquartered in Little Rock, Arkansas, has increased its construction loan by over $200 million, bringing the total to $418.3 million, according to property records and a news release.
Bank OZK initially provided a $119 million loan for the project in 2020 and expanded it by $100 million last year. The new increase completes the construction financing for the development.
The St. Regis Residences will consist of two towers with a combined 320 units on a 4.7-acre site at 18801 Collins Avenue, which includes 435 feet of ocean frontage. Sales for the south tower began in 2022; this 62-story building with 170 units is now 90 percent presold and is expected to be finished by the end of 2028.
Sales for the north tower—also planned as a 62-story structure but now with 150 units—started last year. Construction on this second tower may begin next year. The total estimated sellout value for both buildings exceeds $3 billion, with available units starting at $5 million.
Coastal Construction serves as general contractor, while Arquitectonica, based in Coconut Grove, is responsible for design.
Several other major developments in South Florida have also secured significant loans recently. Naftali Group closed on $465 million in financing last month for its JEM Private Residences at Miami Worldcenter; this included both C-PACE funding from Nuveen Green Capital and traditional loans from BHI, part of Bank Hapoalim.
Earlier this week, Allen Morris Company received a $138.5 million construction loan from BDT & MSD Partners and BHI for its Ziggurat mixed-use project in Coconut Grove.
The largest recent loan was Dezer Development’s $630 million package from Madison Realty Capital for Bentley Residences condo project in Sunny Isles Beach—one of South Florida’s biggest condo construction loans to date.
