Fortune International Group and Château Group have secured a comprehensive construction loan package of 463 million US dollars from Madison Realty Capital. The capital will fund the completion of the prestigious St. Regis Residences residential scheme in Sunny Isles Beach, Florida. Upon completion, the oceanfront development at 18801 Collins Avenue is set to comprise two 62-storey skyscrapers.
The newly structured loan facility refinances existing debt from Bank OZK, which had provided the scheme with a total of 418 million US dollars since 2024. The newly agreed funds primarily secure the completion of construction works on the South Tower, which broke ground in 2023.
High pre-sale rate and construction schedule
The South Tower comprises 170 exclusive residential units and, according to the project partners, is scheduled for completion by the end of 2028. Marketing has already seen substantial momentum: around 80 per cent of the condominiums have been pre-sold, representing a sales volume to date of more than 1.6 billion US dollars.
On-site work has not yet commenced on the second phase, the 150-unit North Tower. However, the developers had already secured bridge financing of 114 million US dollars from City National Bank of Florida for this component earlier this year.
Strong demand for prime coastal real estate
The latest deal with New York-based lender Madison Realty Capital was arranged by a Berkadia advisory team comprising Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins, Brad Williamson and Matthew Monahemi.
Josh Zegen, co-founder and managing principal of Madison Realty Capital, commented that the transaction reflected his firm's strong conviction in the Sunny Isles Beach market segment. Demand at the apex of the luxury market was increasingly focused on rare coastal developments combining a prime beachfront location with the services and amenities of a five-star hotel.
For Madison Realty Capital, the transaction is not its first large-scale commitment in the immediate vicinity. Last year, the lender provided 630 million US dollars to developer Gil Dezer to complete the nearby oceanfront Bentley residential tower, which at the time was the largest construction loan for a luxury residential high-rise in South Florida in the current cycle.
