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SUNNY ISLES BEACH, FL-Fortune International has closed on a $49 million construction loan and hired a general contractor for M Resort Residences, a 25-story, luxury, oceanfront condominium-hotel tower being built here. The financing is being provided through a syndication led by Wachovia Real Estate Financial Services, a capital provider to the commercial real estate industry.

M Resort Residences has an anticipated sell-out value of $82 million. At press time, more than 85% of the project’s 210 condo-hotel units were under contract. Prices range from the $200,000s to more than $800,000. The one- and two-bedroom units will range in size from 650 sf to 1,600 sf.

In addition, Fortune International has hired Pavarini Construction Co. Inc., a major general contractor based in Fort Lauderdale, to build the project, Fortune’s newest development. Fortune chose Pavarini because of its experience with high-profile, luxury jobs, including Jade Residences at Brickell Bay, another Fortune International development, and the Mandarin Oriental Hotel.

Crews started to clear the site on May 15 to prepare for the project’s foundation. The tower, located at 18683 Collins Ave., is scheduled to be completed in fall 2004.

The developer intends for M Resort Residences to appeal to wealthy jet-setters from such places as New York, South America and Europe. Amenities at M Resort Residences will include hotel services such as a pool, a spa, a casually elegant restaurant at the edge of the water, valet parking, concierge services and 24-hour security.

The sales center is located across the street from the construction site at 18660 Collins Ave., Suite 107, in Sunny Isles Beach.

Wachovia’s Real Estate Financial Services group is the second-largest commercial real estate lender in the United States. It has funded several condominium developments in South Florida, including Ocean III, Icon, Murano Grande and The Peninsula projects.

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