Commercial mortgage lender Knighthead Funding, LLC has funded a $75 million construction loan to complete a luxury condominium development in Sarasota, FL.
Knighthead Funding was able to fund the 24-month construction loan within 30 days of executing the term sheet. 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 and deliver the residences on time in the first quarter of 2020.
“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,” said Knighthead Funding Principal Jonathan Daniel. “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.”
Located at 1224 Blvd of the Arts in Sarasota’s exclusive Rosemary District, BLVD Sarasota is an 18-story luxury high-rise with 49 luxury residences ranging in size from 3,550 to 5,500 square feet, some of the largest floorplans in the city. Each home will boast a gourmet kitchen, 11-foot ceilings, and large wrap-around terraces offering water or city views. Building amenities include an enhanced golf simulator, a Peloton based fitness center, and a wine cellar for the storage of private collections. The project is currently over 44 percent pre-sold.
This financing represents the largest in Knighthead Funding’s five-and-a-half-year history, according to Daniel. Since inception, Knighthead Funding has deployed nearly $1 billion in short term-bridge debt as the firm continues to increase loan size and geographic reach, which includes the firm’s first four loans in California since becoming licensed in the second half of 2018. To date, Knighthead has funded loans in 19 states across the country.
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