Sarasota Luxury Condo Tower Gets $75M Financing
- May 02, 2019
A joint venture between real estate investment firm Promanas and development firm Core Development has secured a $75 million construction loan for the completion of BLVD Sarasota, a luxury high-rise condo project in Sarasota, Fla., that broke ground last June. The 24-month financing, originated by Knighthead Funding, was provided within 30 days of executing the term sheet and will allow the sponsorship to deliver the residences in the first quarter of 2020.
According to Knighthead Funding Principal Jonathan Daniel, this financing represents the largest in the company’s five-and-a-half-year history. “We will continue to rely on our ability to react and close loans quickly in order to build on our lending portfolio throughout the United States. We expect to originate more than $600 million in short-term debt in 2019,” added Daniel, in prepared remarks.
Located at 1224 Blvd. of the Arts in the Rosemary District, BLVD Sarasota is an 18-story, 49-unit tower with floorplans ranging from 3,550 to 5,500 square feet. Residences will benefit from gourmet kitchens, 11-foot ceilings and large wrap-around terraces. Building amenities are to include an enhanced golf simulator, fitness center, rooftop pool and wine cellar for the storage of private collections. The project is currently more than 44 percent pre-sold.