Fortune International Group and Château Group are advancing their North Tower at The St. Regis Residences project in Miami. The City National Bank of Florida has provided the developers with a $113.75 million land loan to support the efforts, which was arranged by Berkadia.
The site plans to deliver 150 units to Sunny Isles Beach area, with construction set to begin this summer.
The move comes as the surrounding South Tower gets closer to completion, with 170 residences there set to deliver in 2028. Manuel Grosskopf, CEO of Château Group, noted in a statement that the tower is nearing "sell-out," with residency pricing starting at roughly $5 million.
Both towers are set to feature 435 linear feet of direct Atlantic frontage, which is the most of any residential enclave in the region. Plus, the buildings will offer a more than 70,000 square foot amenity package, which includes a spa, pools, a wellness and lifestyle program and two restaurants.
Fortune and Château noted that the latest loan only emphasizes the confidence that institutional partners have in oceanfront developments.
"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," Berkadia Miami Managing Director Scott Wadler said.
"In today's capital markets environment, pre-development financing for a site and tower of this scale requires a sponsor team with an impeccable track record and the credibility to inspire lender confidence. Fortune International and Château Group bring both."
In 2025, Miami ranked as the hottest rental market on RentCafe's Rental Competitiveness Index, with a score of 92.9. Miami gets its appeal from its obvious climate, senior population and growing status as a tech and finance hub, which has attracted talent from Wall Street and Silicon Valley.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.