South FL Luxury Condos Score $75M in Financing

The 48-unit, 103,700-square-foot project will be part of the Ocean Reef Club in Key Largo. The development team includes Peackock + Lewis as main architect and Craft Construction as general contractor.
The Residence Club at Ocean Reef
The Residence Club at Ocean Reef. Image courtesy of ACRES Capital Corp.

Developers John Grunow III and John Grunow Jr. from The Grunow Group, along with Ronald Terwilliger, have landed a $74.5 million loan for the construction of The Residence Club at Ocean Reef, a 48-unit luxury condominium community in Key Largo, Fla.

ACRES Capital Corp. originated the two-year loan. Construction is already underway at the project, with Peacock + Lewis as the main architect and Craft Construction as general contractor.

The Residence Club will be among the luxury communities built within country clubs. Siemens Group developed a 113-unit luxury condominium building part of The Boca West Country Club in Boca Raton, Fla., and selected AKAM On-Site Inc. for property management in May.

Community within a club

The Residence Club will be located at 1 Golf Village Drive within the Ocean Reef Club, the 3.5-acre gated community in North Key Largo. The development is roughly 60 miles south of downtown Miami. Residents will have a wide array of restaurants and shops sit in the immediate area, part of the surrounding country club.

The luxury condo community will comprise three buildings totaling approximately 103,700 square feet. The unit mix is expected to include one-, two- and three-bedroom floorplans ranging from 1,432 to 2,866 square feet. All units will have Sub Zero and Wolf appliances, flexible spaces and large balconies. Planned communal amenities will feature covered parking for cars and golf carts, climate-controlled storage and access to the 18,000-square-foot private Concierge Clubhouse. Residents will also have access to the Ocean Reef Club’s services and amenities, including its golf courses, marina and private airport.