New Sunny Isles Beach Condo Project Secures $212 Million Construction Loan

New Sunny Isles Beach Condo Project Secures $212 Million Construction Loan

Residential News » Miami Edition | By Michael Gerrity | October 12, 2016 8:00 AM ET

Ritz-Carlton Residences tower also sells full-floor penthouse for $21 million
This past week Miami development partners Fortune International Group and Château Group have secured $212,110,000 of construction financing for The Ritz-Carlton Residences, Sunny Isles Beach. The financing is provided by Bank of the Ozarks.

In June, dignitaries of the City of Sunny Isles Beach celebrated the condominium's groundbreaking, commencing construction of the oceanfront residential tower located at 15701 Collins Avenue. The development is scheduled for completion in late 2018 and will be built by Suffolk Construction, one of the largest building contractors in the United States

"We look forward to the project's continued progress and success in Sunny Isles Beach," said Edgardo Defortuna, CEO of Fortune International Group. "Sophisticated buyers from South Florida, the Northeast and around the world continue to recognize The Residences' distinction in the market."

The construction loan marks yet another milestone for the fast-selling, record-setting condominium tower. The 52-story, 212-unit launched sales last year and in December 2015, the development set a record for Sunny Isles Beach when a 7,735 square foot, full-floor penthouse sold for $21 million, combining two units on the 51st floor. In May, the development's top-floor penthouse sold for $16.5 million, marking the third of its five penthouses under contract.

"Naturally, our buyers love the stunning beachfront views," said Manuel Grosskopf, CEO of Chateâu Group. "They look forward to experiencing the legendary service, quality and personal touch in South Florida's only oceanfront Ritz-Carlton branded residential project."

Designed by architectural firm Arquitectonica and featuring interiors by acclaimed Italian designer Michele Bönan, The Residences are located on 250 linear feet of pristine beachfront amid 2.2 acres of lush landscaping in the heart of Sunny Isles Beach. In addition to the penthouses, the tower will consist of residences between 2-4 bedrooms ranging in size from 1,605 square feet to 3,640 square feet. Prices begin at $2.5 million.

The Residences will offer a suite of amenities and services unparalleled in Miami, including a beachfront restaurant and pool deck, state-of-the-art wellness center, concierge to arrange everything from housekeeping and personal chef services to golf tee time reservations and even at-home fuel delivery service for residents' cars. A private club level on the 33rd floor will offer guest suites, a theater room, indoor/outdoor dining, a library and entertainment areas, as well as sensational views overlooking Downtown and the Atlantic Ocean. Upon completion, The Ritz-Carlton will manage the property, providing residents with its legendary service, quality and personal touch.

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