This past week Miami development partners Fortune International Group and Château Group 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 located at 15701 Collins Avenue. The development is scheduled for completion in late 2018 and will be built by Suffolk Construction, one of the largest building contractors in the United States
Flooring has gone "retro" in upscale South Florida residences, according to Fabian Llobell, principal at Deco27 in Mami, which specializs in luxury, interior hardwood surfaces. He says his customers are eager for the latest materials, colors, patterns and finishes. These days that means flooring in white wash, distress and gray tones. "Trends come in cycles and this one has circled back," says Llobell, who started doing business in 1984 when European oak flooring in neutral shades with asll the rage in the U.S.
Months into the work, a $163 million construction loan will fuel more activity at the Ritz-Carlton Residences in Sunny Isles Beach.Miami developer Fortune International Group and the Chateau Group in Hallandale Beach nabbed the money for the 212-unit tower rising on a beachfront lot at 15701 Collins Ave. The developers used Sunny Isles Property Venture LLC to secure the financing from the Bank of the Ozarks in Arkansas.
Fortune International Group and Château Group closed on $163.11 million in construction financing for the Ritz-Carlton Residences in Sunny Isles Beach, boosting their mortgage to $212.11 million. Records show the developers, Sunny Isles Property Venture LLC, secured the loan from Bank of the Ozarks, an active lender in South Florida and New York. Fortune and Château broke ground on the 52-story, 212-unit tower in June, at the time telling The Real Deal that they were in the process of securing financing with a traditional lender.
