Bank OZK Fuels Château's St Regis Condo Project in Sunny Isles with $100M Boost

In South Florida's bustling real estate scene, Bank OZK, based in Little Rock, Arkansas, has been making significant moves. Recently, the bank provided a substantial $100 million loan to Fortune International Group and Château Group for a St. Regis-branded condo project in Sunny Isles Beach, Florida. This loan, part of a larger financing package totaling $219 million, is intended to support the early stages of construction on a 4.7-acre oceanfront site.

Loan History and Development Progress

The journey of financing for this project began in 2014 when Carlos Slim’s Bank Inbursa provided a $50 million loan for the acquisition of the existing condo building on the site, later increasing it to $85 million in 2016. In 2020, Bank OZK took over the loan and raised it to $119 million. With the developers now in discussions to secure a construction loan, the project is expected to move forward, with construction already underway since August.

Project Milestones and Financial Success

Despite being in the early stages, the project has already seen considerable success, with pre-sales reaching $1 billion, covering approximately 85% of the inventory. Moreover, the partners have initiated sales for a second tower on the same site, projecting a combined $3 billion in sales upon completion.

Expanding Portfolio and Active Lending

This St. Regis project is not the only venture for Fortune International and Château Group in Sunny Isles Beach, as they have previously completed a Ritz-Carlton-branded condo building, achieving sales of $800 million. Additionally, Fortune International is developing another Ritz-Carlton-branded condo project in Pompano Beach, supported by a $259 million construction loan from Bank OZK.

Bank OZK's Impact on the South Florida Market

Bank OZK has emerged as a prominent construction lender in South Florida, providing significant financing to various high-profile developers in recent months. Notable projects include the Baccarat Residences in Miami's Brickell district and the One Park Tower condo in North Miami, among others, totaling nearly $1.4 billion in funding.