At a glance
- The financing refinances $418 million that Bank OZK has issued for the development since 2024 and funds completion of the South Tower, the 170-unit building that broke ground in 2023.
- For allocators, the $463 million package is $45 million larger than Bank OZK's $418 million and covers a largely presold project.
- Presales have reached 80% of units and generated more than $1.6 billion in sales, according to a representative for the sponsors.
Madison Realty Capital provided a $463 million construction debt package to Fortune International Group and Château Group for the St. Regis Residences in Sunny Isles Beach, Fla., Commercial Observer reported.
The financing refinances $418 million that Bank OZK has issued for the development since 2024 and funds completion of the South Tower, the 170-unit building that broke ground in 2023.
For allocators, the $463 million package is $45 million larger than Bank OZK's $418 million and covers a largely presold project. The deposit portion of presales is not disclosed.
Presales have reached 80% of units and generated more than $1.6 billion in sales, according to a representative for the sponsors. That puts the $463 million loan at roughly 29% of presales, assuming the total covers both towers.
The North Tower, 150 units, has not started construction and secured $114 million from City National Bank of Florida earlier this year.
Madison Realty supplied $630 million last year to Gil Dezer for a nearby Bentley-branded oceanfront condo tower, $167 million larger than this package.
The South Tower is expected to be completed by the end of 2028, according to the sponsors' representative.
St. Regis loan stacks up against other Sunny Isles construction debt
Madison's $463M package is $45M above the Bank OZK debt it refinances
- Bentley-branded tower (Dezer)$630M
- St. Regis South Tower (Madison)$463M
- Bank OZK debt, since 2024$418M
- St. Regis North Tower (City National)$114M
Show as table
| Item | Value ($M) |
|---|---|
| Bentley-branded tower (Dezer) | $630M |
| St. Regis South Tower (Madison) | $463M |
| Bank OZK debt, since 2024 | $418M |
| St. Regis North Tower (City National) | $114M |
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections