Fortune International, Château Group Up Construction Debt for St. Regis Condo Project

Fortune International Group and Château Group increased the construction financing to $418.3 million for their St. Regis-branded, oceanfront condo project in Sunny Isles Beach, Fla., property records show. 

Bank OZK had $159 million in outstanding debt, and upped the loan by $259.3 million for the two-tower, 62-story development, which has been under construction since 2023, according to mortgage documents. 

The developers had originally planned to build 490 condos, but city officials earlier this year approved a revised site plan for up to 361 condos on the larger side individually. A penthouse is under contract for $55 million, per previous developer announcements. 

Last year, the Little Rock, Ark.-based bank had provided $100 million for the project, bringing the total financing at the time to $219 million. The development will rise on a 4.7-acre site at 18801 Collins Avenue. In 2014, the developers bought out an existing, 350-unit condo building, spending $113 million in total.

The construction loan is the latest to be issued along the oceanfront strip. Last month, Madison Realty Capital provided a $630 million construction loan for Gil Dezer’s Bentley-branded, 216-unit condo, four buildings south of the St Regis development. In another large construction loan issued in South Florida, Naftali Group secured a $465 million construction package last month for a luxury multifamily and condo high-rise at Miami Worldcenter. 

Representatives for the St. Regis joint venture and Bank OZK did not immediately respond to a request for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.