36-unit condo project closes on multimillion dollar loan

The $36 million loan gives The DeMarcay a little breathing room when it comes to selling every unit.

By Business Observer Staff
| 4:18 p.m. October 25, 2021
| 0 Free Articles Remaining!

Courtesy. A rendering of the rooftop pool at The DeMarcay.

Manatee-Sarasota

SARASOTA — A condominium project in downtown Sarasota recently closed on a new construction loan for $36 million.

The loan for The DeMarcay, the luxury residential condominium project, is being provided by Chicago-based Pangea Mortgage Capital. The owner developer of the project is GK Real Estate.

“We are excited for the opportunity to work with the GK Real Estate team to facilitate their vision to bring a high-end and highly amenitized condominium project to life in Sarasota,” says Michael Bachenheimer, director of Pangea Mortgage Capital, in a release. “Given the combination of the strong development team, improving market fundamentals and solid pre-sales, we believe in the success of this project.”