Ritz-Carlton Residences
SUNNY ISLES BEACH, FL—After completing 100 closings—many virtually—during the coronavirus pandemic, joint developers of a luxury condominium building here announced that they paid off a $212 million construction loan on the 52-story tower.
Construction on The Ritz-Carlton Residences in Sunny Isles Beach wrapped up at the end of February. The units are already more than 80% sold, according to the joint developers, Fortune International Group and Château Group. Finalized new sales, which happened in just over 30 days, totalled more than $30 million.
The $212 million construction loan for the 52-story tower came from Bank OZK in September 2016.
"Paying off this loan so quickly after opening the tower—and in the midst of these extremely challenging times—further confirms the support for our project and the excitement it has generated among buyers across the globe," Manuel Grosskopf, CEO of Château Group, a 35-year developer of real estate projects in South America and the US, said in prepared remarks.
The condominiums, located on 250 feet of beachfront, have 209 residences and there is a private club on the 33rd floor that offers a restaurant and bar, pools, kids club, spa, fitness center and more. A condominium unit there starts at $2.6 million.
Although the tower bears the Ritz-Carlton moniker, it's actually owned, developed and sold by Sunny Isles Property Venture, which has licensed the Ritz-Carlton marks. It is managed by The Ritz-Carlton.
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Angela Morris
Angela Morris is ALM Media's Texas litigation reporter. She covers lawsuits in all levels of Texas state and federal courts. Based in Austin, Morris earned journalism and government degrees from the University of Texas at Austin in 2006, and since then, has worked primarily as a reporter and writer, but also has skills in videography, photography and podcasts. Follow her on Twitter at @AMorrisReports.
