Fortune International Group and Château Group have secured a $463 million construction debt package from Madison Realty Capital to complete the St. Regis Residences condo development in Sunny Isles Beach, Fla.
The oceanfront project at 18801 Collins Avenue will include two 62-story skyscrapers. The debt package will refinance the existing debt from Bank OZK, which has issued $418 million for the development since 2024, and provide the financing to complete the construction of the so-called South Tower, which broke ground in 2023.
The 170-unit skyscraper is expected to be completed by the end of 2028, according to a representative for the sponsors. So far, 80 percent of units have presold, generating over $1.6 billion.
Construction has yet to start for the 150-unit North Tower, though it did secure $114 million in financing from City National Bank of Florida earlier this year.
Berkadia’s Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins, Brad Williamson and Matthew Monahemi arranged the recent financing from New York-based Madison Realty Capital.
“This transaction reflects our conviction in the Sunny Isles Beach submarket,” Josh Zegen, co-founder and managing principal of Madison Realty Capital, said in a statement. “Demand at the top of the market is increasingly concentrated in projects that pair oceanfront scarcity with the service and amenities of a five-star hotel.”
Last year, the lender supplied $630 million for Gil Dezer to finish the Bentley-branded, oceanfront condo skyscraper nearby. The construction debt was South Florida’s largest loan issued for a luxury condo in 2026.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Leave a Reply