$34M in financing secured for two Sarasota County projects

Commercial real estate company Berkadia recently helped secure nearly $35 million in loans for two projects in Sarasota County. One will help with infrastructure for a new master-planned community in south Sarasota County, while another will facilitate pre-development for a condominium and mixed-use project in downtown Sarasota.

A $14 million loan will finance the horizontal infrastructure development for Honore Vista, a 32-acre site in Nokomis entitled for a master-planned, mixed-use community, according to a statement from Berkadia, which secured the transaction on behalf of privately held real estate investment firm SteeleHarbour Capital Partners.

“Honore Vista checks all the boxes investors and lenders are looking for in today’s environment: scale, entitlements in hand and a location that benefits from sustained population growth and limited new supply,” Berkadia Senior Managing Director Charles Foschini says in a statement.

Honore Vista will be situated along Honore Avenue, less than a quarter-mile from the Interstate 75 ramp at Laurel Road. SteeleHarbour acquired the parcels for the development from 2021 to 2023, according to a statement, which says it will feature multifamily units; up to 80,000 square feet of office space; a 150-key hotel; an assisted living or day care facility; and self-storage.

“This financing allows the sponsor to unlock the site’s long-term value by completing horizontal improvements," Foschini says, "while maintaining flexibility for future vertical development, whether independently or through joint venture partnerships."

Commercial real estate lender RMWC provided the floating-rate loan for the transaction.

Elsewhere in Sarasota County — this time in the city — Berkadia secured another loan on behalf of SteeleHarbour Capital Partners. The $20.5 million in financing will allow for pre-development of Fifteen20, a condo and mixed-use development in downtown Sarasota, according to a statement.

Located at 1520 Ringling Blvd., the 3.3-acre site has downtown core zoning, according to Berkadia, which will allow for a variety of business plans, including luxury condos, multifamily, retail, hotel and mixed-use.

Virginia-based development company Orange Pineapple LLC purchased the property on Ringling Boulevard for $32 million in 2023. Orange Pineapple LLC is linked to SteeleHarbour Capital Partners.

BankOZK provided the $20.5 million floating-rate loan with a 24-month term, according to Berkadia.

“Bank OZK recognized the singular location and the unique scale available to create a legacy project that will transform downtown Sarasota,” Foschini says, “not only for the residents of this future development, but for those who come to enjoy its curated ground-floor retail environment as well.”

SteeleHarbour Capital Partners has its corporate headquarters in Tysons, Virginia, with regional offices on Main Street in Sarasota and on Fifth Avenue in New York. The firm focuses on multifamily and mixed-use properties in the Southeast and Mid‑Atlantic regions.