May 5, 2020 Comments Off on Fortune, Château JV Lands $119M Refi on 1.2-SF Oceanfront Development Views: 753 Florida News, South Florida

Fortune, Château JV Lands $119M Refi on 1.2-SF Oceanfront Development

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NKF arranged a $119-million loan for the refinancing of La Playa de Varadero, an oceanfront development site encompassing 4.72-acres in the heart of the City of Sunny Isles Beach, Florida. The borrowers, Miami-based Fortune International Group and Château Group, secured the financing via Bank OZK.

Located at 18801 Collins Ave., the project boasts 435 feet of direct beach frontage on the Atlantic Ocean and is fully approved, as of right, for development of 1.15 million square feet and 490 residential units. As proposed, the development is inclusive of two phases, comprising of two condominium towers with direct beach access and five-star resort amenities.

Project sponsorship received site plan approval for the development from the City of Sunny Isles in 2015, and recently secured final approval for the last set of modifications to the original design. So far, a portion of the pre-development work has been completed, including demolition of the existing structure and a structural build-out of the sales center.

NKF’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, and Dominick Calisto represented the borrower.

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