Sarasota, FL $75,000,000 49 Unit Residential Condominium Construction

Knighthead provided a $75mm first mortgage construction loan for an 18-story high rise with 49 luxury residences over ground floor retail. The subject property will include 47 3-bedrooms and 2 4-bedroom penthouse units with units ranging from 3,625 SF to 5,982 SF and 3 floors of parking. The loan was underwritten at ~68% of cost and ~57% of sellout value.