May 2, 2020 Comments Off on Sunny Isles Beach Ritz-Carlton Delivers, Developer Pays Off $212M Construction Loan Views: 1121 Florida News, South Florida, Top Florida

Sunny Isles Beach Ritz-Carlton Delivers, Developer Pays Off $212M Construction Loan

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Miami-based Fortune International Group and Château Group, joint developers of The Ritz-Carlton Residences in Sunny Isles Beach, FL, paid off a $212 million construction loan on the newly-opened 52-story tower. The developers received the loan from Bank OZK in September 2016.

The 209-unit building at 15701 Collins Ave. delivered earlier this year and received its temporary certificate of occupancy (TCO). Units at the tower are already more than 80% sold. The high-rise has a private club level on the 33rd floor, including private suites for resident guests, beach restaurant and bar, two pool decks, a kids’ club, full-service spa, fitness center and wellness center, among other top-line amenities.

In the midst of the COVID-19 pandemic, the developers have seamlessly completed 100 closings, with a great number of them conducted virtually. They have additionally finalized new sales totaling more than $30 million, accomplishments that transpired in just over 30 days.

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