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Condo Developer Wins $284M Construction Loan

October 1, 2014

Fortune International Group has closed a construction loan up to $284 million for Jade Signature.

HSBC provided the loan.

Edgardo Defortuna, CEO and founder of Fortune, stated that more than 80% of the luxury condominiums are under contract.

Pritzker Prize-winning architecture firm Herzog & de Meuron designed the the 192-unit Jade Signature tower in collaboration with Parisian interior design firm PYR, led by Pierre-Yves Rochon, and landscape architect Raymond Jungles.

DeFortuna is sure it introduces “a new standard of luxury and design in Sunny Isles Beach.” Those are strong words, given the Trump projects there.

“We designed Jade Signature from the inside out to create a lifestyle-driven property with a seamless connection to all of its surroundings,” says Defortuna. “I believe this approach is creating a new wave of design for residential buildings in South Florida. With our international team of visionaries, we have put the personal lifestyle of those who will live at Jade Signature before everything else.”

According to Fortune, Jade Signature’s owners are primarily second-home buyers who represent 17 nationalities and are among a who’s who from around the world, including New York investment bankers and CEOs. Residences are priced at $3 million to over $26 million.

Suffolk Construction began work on Jade Signature in 2013. The HSBC loan transaction will support the timely completion of the 57-story tower, which is projected for 2017. Jade Signature marks the third Jade property for which HSBC has provided a construction loan. The first two Jade Residences at Brickell Bay and Jade Beach.



Source:  GlobeSt.

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