In December, Fortune International Group, led by Edgardo Defortuna, and Oak Capital, helmed by Ricardo Dunin, successfully secured a substantial $259 million construction loan from Bank OZK for The Ritz-Carlton Residences in Pompano Beach. The ambitious project, comprising two buildings and 205 luxurious condominium units, commenced construction in 2023, marking a significant milestone for the developers.
Simultaneously, Pebb Capital celebrated a triumph with a $173 million construction loan for the Sundy Village project in Delray Beach. The mixed-use development received financing from Monroe Capital and J.P. Morgan, highlighting the strategic collaboration between Chicago and New York-based financial entities.
A month prior, the dynamic duo of Related Group and Alta Developers clinched a substantial $240 million construction loan for Casa Bella Residences, an upscale condo tower in downtown Miami. The 56-story, 319-unit development, branded by B&B Italia, received financial backing from Cain International, contributing to the ever-evolving skyline of the vibrant city.
Adding to the flurry of year-end successes, Ugo Colombo’s CMC Group secured a noteworthy $239 million construction loan for Vita at Grove Isle, a seven-story, 65-unit luxury waterfront condominium project in Miami’s Coconut Grove. Bank OZK, once again a key player, provided the financing, with Bilzin Sumberg representing the developer in this significant transaction.
The project, located at 4 Grove Isle, began construction in April and is expected to be completed in late 2025. Boasting over 70% presales, handled by Cervera Real Estate, Vita offers three- to four-bedroom units, some with dens, and 12 extravagant penthouses with rooftop pools. The units, designed by CallisonRTKL, S & E Architects, and A++ Architecture’s Carlo and Paolo Colombo, promise an opulent living experience.
Despite initial opposition from the neighboring condo association and nearby residents, Vita at Grove Isle has overcome hurdles, replacing the earlier Markers Grove Isle project. Ugo Colombo, a prominent figure in luxury development, has additional projects on the horizon, including Onda Residences in Bay Harbor Islands and a collaboration with Nadim Ashi’s Fort Partners on a Four Seasons-branded residential project in Coconut Grove.
The challenging financing landscape did not deter these developers, with major construction loans closing successfully before the year’s end, and Bank OZK maintaining its dominance in the sector. The diverse projects reflect the resilience and innovation of Miami’s real estate market, setting the stage for continued growth and development in the coming years.
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