Bank OZK Provide $259M to Build Ritz-Carlton Condo in Pompano Beach
By Julia Echikson December 22, 2023 9:29 pm
reprints
Fortune International Group and Oak Capital scored a $259 million construction loan from Bank OZK for their Ritz-Carlton-branded condo development in Pompano Beach, Fla., the joint venture announced.
The oceanfront project, located at 1380 South Ocean Boulevard, will feature two towers: one rising 32 stories housing 117 units, the other 14 stories with 88 units. Amenities, which will be spread across 35,000 square feet, will include a private marina and pool decks.
Miami-based Fortune International purchased the 4.7-acre site for $27.5 million in 2020, according to property records. The developer, alongside Miami-based private equity firm Oak Capital, launched sales the following year.
The project is now 90 percent pre-sold, according to a spokesperson for the joint venture. Construction will commence this month and is scheduled to be completed in 2025.
“Pompano Beach is home to an emerging luxury market that is elevating the standard for resort-style living in South Florida,” Edgardo Defortuna, president and CEO of Fortune International, said in a statement.
In recent years, a slew of high-profile developers have taken to Pompano Beach, a historically middle-class beach town north of Fort Lauderdale, to construct luxury condos. Related Group launched the trend with Solemar, a 105-unit project, which it completed in November.
Related is now building Casamar, a 118-unit development, after securing a $158.9 million construction loan in September. A Waldorf Astoria-branded condo project, developed by Related and Merrimac Ventures, is also in the works.
In June, Related, alongside BH Group and Chetrit Group, paid $48 million for a 3.7-acre waterfront site, where a two-tower project is planned.
Despite this year’s interest rate hikes, which have slowed the debt market, luxury condo developments in South Florida are still managing to secure sizable construction loans.
In July, Witkoff Group and Monroe Capital raised $430 million from JPMorgan Chase to build the Shore Club Private Collection, a redevelopment of the Art Deco property on Collins Avenue. The financing is the largest construction mortgage in South Florida this year.
In May, Catalfumo landed a $340 million construction loan for The Ritz-Carlton-branded condo development in Palm Beach Gardens.
Julia Echikson can be reached at jechikson@commercialobserver.com.
