SUNNY ISLES, FL-Miami-based Fortune International has obtained a $288-million construction loan for Jade Ocean, a 50-story, 256-unit condominium tower at 17121 Collins Ave.

The financing was provided by Corus Bank, the banking subsidiary of Corus Bankshares, Inc., and iStar Financial. Corus and iStar Financial acted as co-lenders and closed the loan just six weeks after receiving the executed application letter.

Fortune International vice president of finance Eduardo Imery tells GlobeSt.com that the loan will provide financing to complete construction of the $385-million tower. Construction began in August with completion anticipated in the fourth quarter 2008. Imery says the project's location and the reputation of the developer are key factors to obtaining financing in a tightened capital environment. "Although there are lenders that have significantly closed the doors on financing for condominium projects, there is financing available for projects with the right fundamentals," Imery says. "Location is the number one fundamental."

Imery adds that Fortune selected Corus Bank because of its past relationship with the bank and because it could fully underwrite the entire loan. "Corus Bank takes great pride in doing repeat business with our customers and we are very pleased that this loan marks an extension of our relationship with Edgardo Defortuna," says Corus Bank senior vice president Brian Brodeur in a prepared statement.

Jade Ocean was designed by Carlos Ott, a Uruguay-based architect who designed the L'Opera de la Bastille in Paris, among other projects. Prices for the units range from $750,000 to $11 million for a penthouse unit.

Jade Ocean is directly north of Jade Beach, a 52-story, 248-unit condominium project at 17001 Collins Ave. also under construction by Fortune. Jade Beach is expected to be completed by the fourth quarter of 2008, Imery says.