City National Bank Provides $114M Construction Loan for Luxury Condo Near Miami

Fortune International Group and Château Group have secured $113.75 million in construction financing to build the second tower of The St. Regis Residences Sunny Isles Beach, a new 320-unit luxury condominium just outside of Miami, Fla. 

City National Bank of Florida provided the financing, structured as a land loan, while Berkadia Miami team of Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson arranged the transaction.

Manuel Grosskopf, CEO of Château Group, said in a statement that the project has experienced both momentum and a positive response from the market at the outset of development, with the larger South Tower nearing sell-out even before construction has finished. 

“The North Tower builds on that foundation as we continue to deliver a project that resonates with today’s ultra-luxury buyer,” said Grosskopf. 

Christian Sundblad, executive vice president of City National Bank, noted in a statement that this is the first loan his bank has made to Château Group, but that he’s confident in the sponsors’ experience. 

“Their perspective and alignment with this project give us optimism as we establish a new relationship,” added Sundblad, who added his bank has a long-standing relationship with Fortune International Group.

Located at 18801 Collins Avenue in Sunny Isles Beach — an Atlantic facing enclave between Miami’s South Beach and Hollywood, Fla. — The St. Regis Residences Sunny Isles Beach will deliver 150 luxury residences via the North Tower and 170 luxury homes via the South Tower. 

The two-tower project will stand 435 feet from the Atlantic Ocean and offer 70,000 square-feet of amenities including two restaurants, a full-service spa, and several pools. 

Construction is expected to be completed in 2028, with residences currently priced beginning at $5 million. 

“Sunny Isles Beach has emerged as one of the most coveted addresses in the world, and the sponsors have long understood this market’s trajectory having acquired the site more than a decade ago,” said Berkadia’s Wadler in a statement.

Brian Pascus can be reached at bpascus@commercialobserver.com.