$212 million construction financing secured for Miami-area condo project

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Development partners Fortune International Group and Château Group say they have secured $212,110,000 of construction financing for The Ritz-Carlton Residences, Sunny Isles Beach. The financing is provided by Bank of the Ozarks.

In June, dignitaries of the City of Sunny Isles Beach celebrated the condominium’s groundbreaking, commencing construction of the oceanfront residential tower. The development is scheduled for completion in late 2018 and will be built by Suffolk Construction.

“We look forward to the project’s continued progress and success in Sunny Isles Beach,” said Edgardo Defortuna, CEO of Fortune International Group.

The construction loan marks yet another milestone for the condominium tower. The 52-story, 212-unit launched sales last year and in December 2015, the development set a record for Sunny Isles Beach when a 7,735 sq. ft., full-floor penthouse sold for $21 million, combining two units on the 51st floor. In May, the development’s top-floor penthouse sold for $16.5 million, marking the third of its five penthouses under contract.

Arquitectonica designed the project.

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