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.”
The loan provides enough breathing room to sell out the project if any of the 39 units remain after construction is complete.
“This loan will provide all funding for the project through its completion,” says Greg Kveton, partner at GK Real Estate. “We're also nearing the halfway point on sales and have seen strong visitor traffic this year as the real estate market in Sarasota is experiencing unprecedented demand.”
The 18-story building at 33 S. Palm Avenue will feature a 24-hour valet service, fitness center, rooftop clubroom and resort-style pool with views of the bay. The condos, ranging from 1,100-3,200-square-feet, will start at $735,000. The DeMarcay project is set to be completed summer 2023.