Fortune International Group and Château Group have secured a $463 million construction debt package from Madison Realty Capital to finish the St. Regis Residences in Sunny Isles Beach, Florida. Commercial Observer reported that the oceanfront project at 18801 Collins Avenue will include two 62-story towers.
The financing package refinances prior debt from Bank OZK, which had provided $418 million for the oceanfront development since 2024. The new proceeds fund the remaining construction work on the South Tower, which broke ground in 2023. Berkadia arranged the debt package, with a team including Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins, Brad Williamson and Matthew Monahemi.
Project details and presales
The 170-unit South Tower is scheduled for completion by the end of 2028. Sponsors reported that 80 percent of the units in the tower have presold, generating more than $1.6 billion in sales. The broader development plan features two towers, but construction has not yet started on the 150-unit North Tower. The North Tower previously secured $114 million in financing from City National Bank of Florida earlier this year.
Madison Realty Capital has maintained an active debt platform in the immediate market. The lender previously provided $630 million to developer Gil Dezer to complete the nearby Bentley-branded oceanfront condominium tower, which was South Florida's largest loan for a luxury condominium development in 2026, according to Commercial Observer.
What it changes for a closing
Refinancing an active construction site while work progresses demands rigorous coordination between the incoming lender, the outgoing lender and project contractors. Madison Realty Capital is taking out $418 million in debt from Bank OZK while funding the balance of construction on a tower already underway since 2023.
Closing counsel must manage payoff demands, verify lien priorities, and reconcile existing construction disbursement records against the new loan facility. In addition, with 80 percent of the South Tower units presold for over $1.6 billion, closing teams must confirm deposit escrow arrangements, buyer purchase contracts, and lender assignment provisions. The phasing of the project also requires separate tracking for the adjacent 150-unit North Tower, which holds distinct financing from City National Bank of Florida.