May 3, 2019
Knighthead Funding, LLC has funded a $75 million construction loan to complete a luxury condominium development in Sarasota, FL. With new financing in place, the sponsorship, a partnership between Michigan-based real estate investment firm Promanas and Florida-based development firm Core Development, Inc., is expected to complete construction of BLVD Sarasota in Q1 2020.
Knighthead delivered the 24-month construction loan within 30 days of executing the term sheet.
Knighthead’s Jonathan Daniel says, “The collective experience of our executive team allows us to understand the circumstances of each transaction, and structure loans to meet the specific needs of each borrower.”
Located at 1224 Blvd. of the Arts in the exclusive Rosemary District, the 18-story luxury high-rise includes 49 elegant residences. Each home will boast a gourmet kitchen, 11-foot ceilings, and large wrap-around terraces offering water or city views. The project is currently more than 44% pre-sold.
For comments, questions or concerns, please contact Dennis Kaiser