Bank OZK has allocated $259 million for the construction of a Ritz-Carlton condominium in Pompano Beach.

Bank OZK has allocated $259 million for the construction of a Ritz-Carlton condominium in Pompano Beach.

Fortune International Group and Oak Capital have secured a $259 million construction loan from Bank OZK for their collaborative Ritz-Carlton-branded condominium development in Pompano Beach, Florida, as announced by the joint venture.

Situated at 1380 South Ocean Boulevard along the oceanfront, the project comprises two towers. One tower will soar 32 stories high, accommodating 117 units, while the other, standing at 14 stories, will house 88 units. Encompassing 35,000 square feet, the amenities will include a private marina and pool decks. A rendering by Revuelta Architecture International showcases The Ritz-Carlton Residences, Pompano Beach.

In 2020, Fortune International, based in Miami, acquired a 4.7-acre site for $27.5 million, as indicated by property records. Collaborating with the Miami-based private equity firm Oak Capital, the developer initiated sales the following year.

Presently, the project has achieved a 90 percent pre-sale status, according to a spokesperson for the joint venture. Construction is set to commence this month, with a projected completion date in 2025.

Edgardo Defortuna, president and CEO of Fortune International, highlighted Pompano Beach’s emergence as a luxury market, setting a new standard for resort-style living in South Florida.

Pompano Beach has recently become a focal point for high-profile developers venturing into luxury condo construction. The trend was initiated by Related Group with Solemar, a 105-unit project completed in November. Related is currently progressing with Casamar, a 118-unit development, backed by a $158.9 million construction loan secured in September. Additionally, a Waldorf Astoria-branded condo project, a collaboration between Related and Merrimac Ventures, is underway.

In June, Related, alongside BH Group and Chetrit Group, invested $48 million in a 3.7-acre waterfront site, earmarked for a two-tower project.

Despite this year’s interest rate hikes impacting the debt market, luxury condo developments in South Florida continue to secure substantial construction loans. In July, Witkoff Group and Monroe Capital secured $430 million from JPMorgan Chase for the Shore Club Private Collection, a redevelopment of an Art Deco property on Collins Avenue—marking the largest construction mortgage in South Florida for the year.

In May, Catalfumo secured a $340 million construction loan for The Ritz-Carlton-branded condo development in Palm Beach Gardens.

 

South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre

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Heather Lefebvre

Heather Lefebvre is a licensed Real Estate Broker in Florida with 20+ years of experience. She specializes in the South Florida market and works with Adache Real Estate, a full-service brokerage firm. With a finance background, Heather brings extensive knowledge to every transaction, including single-family homes, condominiums, commercial real estate, and bulk sales. She is an expert in foreclosed (REO) and short sale properties. Heather holds certifications as a Certified Residential Specialist (CRS), Luxury Home Market Specialist (CLHM), and International Property Specialist Member (CIPS). As a Certified Luxury Home Marketing Specialist (CLHMS), she has achieved exceptional performance in luxury markets, offering expertise and confidence to affluent buyers and sellers. Contact Heather Lefebvre at Adache Real Estate LLC for all your real estate needs in South Florida.