South Florida’s most elegant address continues its reign as one of the most successful projects to enter the prime property market, reported BusinessWire.

Fortune International Group and Château Group — joint developers of The Ritz-Carlton Residences, Sunny Isles Beach — announced today that they have paid off a $212 million construction loan on the newly opened tower. The developers received the loan from Bank OZK in September 2016.

The news comes on the heels of a string of triumphs for the property, which is managed by The Ritz-Carlton and is one of the brand’s only standalone oceanfront condominium high-rises worldwide, located in Sunny Isles Beach. The island belongs to Miami-Dade and is home to other luxury condos in Miami such as Porsche Design Tower and Residences by Armani Casa.

The 52-story building at 15701 Collins Avenue — which was designed by award-winning architect Bernardo Fort-Brescia of Arquitectonica and features interiors by acclaimed Florentine architect Michele Bönan — was completed on Feb. 24 when it received its temporary certificate of occupancy (TCO). The tower is already more than 80 percent sold.

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