Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SUNNY ISLES, FL-Miami-based Fortune International obtained just over $185 million in funding for development of its Jade Beach condominium towers on Collins Avenue. The financing, provided by HSBC Bank USA, consists of a $164-million construction loan for an initial 248-unit building and $21.2 million in land acquisition financing for the proposed Jade Beach Two, a twin tower containing 252 residential units.

Manuel de Zarraga, executive managing director; Robert Kaplan, senior managing director, and Kimberly Flores, associate director of the Miami office of Holiday Fenoglio Fowler represented Fortune in structuring the funding. They worked with Chris Whyte, who heads HSBC’s Miami real estate group, and Mark Nadler, VP. Terms and interest rates were not undisclosed. The two Jade buildings are the fourth Fortune projects for which HFF has arranged financing, and HSBC has also previously provided the developer with funds.

The first tower is expected to reach completion in early 2007. Both buildings are designed by Carlos Ott, an Uruguay-based architect who designed the L’Opera de la Bastille in Paris, among other projects. Miami-based Kobi Karp architects and interior designer Luis Revuelta are also collaborating on the design. All units have ocean views, and, according to published reports, for-sale prices reach to above $6 million. Calls to Fortune were not returned by deadline.

According to a September 2003 report by GlobeSt.com, the city approved zoning for the initial Jade Beach Tower, and Fortune obtained a $17-million land loan to acquire the property. Public records in the Miami-Dade County appraiser’s office indicate that Fortune Beach LLC acquired the site at 17001 Collins Ave. for the first building in June 2003 for $25 million. The records also show that Fortune Ocean LLP bought the adjacent beachfront property in October 2004 for $32.1 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.