SARASOTA, Fla. – The DeMarcay, a luxury residential condominium project in downtown Sarasota, is pleased to announce its new construction loan closing by Chicago-based Pangea Mortgage Capital (PMC) for $36 million.
“We are excited for the opportunity to work with the GK Real Estate team to facilitate their vision to bring a high-end and highly amenitized condominium project to life in Sarasota,” said Michael Bachenheimer, director of Pangea Mortgage Capital. “Given the combination of the strong development team, improving market fundamentals and solid pre-sales, we believe in the success of this project.”
PMC provided the construction financing to the owner developer, GK Real Estate. The loan includes ample runway to sell out the project if any units remain post-completion.
“This loan will provide all funding for the project through its completion,” said Greg Kveton, partner at GK Real Estate. “We’re also nearing the halfway point on sales and have seen strong visitor traffic this year as the real estate market in Sarasota is experiencing unprecedented demand.”
Once complete, the 18-story building at 33 S. Palm Avenue will boast luxury amenities like 24-hour valet service, a fitness center, and a rooftop clubroom and resort-style pool with sweeping views of the Sarasota Bay.
Currently on site, the construction team is drilling and pouring the caissons for the deep foundation system which is the strong support system for the entire building and is expected to be completed by the end of October.
Once the contractor, Voeller Construction, finishes the caissons, they will move on to forming and pouring the shallow foundations, at which point vertical construction can begin.
The 39 well-appointed contemporary residences are situated on the top 11 floors with each floor having either 3 or 4 units. The 1,600-square-foot clubhouse and pool perched on the 18th floor rooftop will provide all residents with a place to relax and enjoy unparalleled views of the Bay, the Gulf and the city.
Ranging from 1,100 to 3,200 square feet, the floor plans will have the flexibility to combine units for more square footage. A one-bedroom residence starts at $735,000, with two-bedroom and three-bedroom residences available.
Located directly across the street from the project at 32 S. Palm Avenue in Sarasota, the showroom and sales gallery contain a variety of visuals. Visitors can also see a scaled replica of the building, see two vignettes of the well-appointed kitchens and bathrooms and hold samples of the interior finishes. The DeMarcay is slated for completion in summer 2023.
The DeMarcay sales gallery is open for in-person appointments with social distancing guidelines in place. Arrange an appointment by calling 941-404-8858, visiting TheDeMarcay.com or emailing sales@thedemarcay.com.
About The DeMarcay
The DeMarcay at 33 S. Palm Avenue will include 39 well-appointed modern residences with the convenience and excitement of downtown living. The DeMarcay will have luxury amenities including 24-hour valet service, a rooftop clubroom and pool with sweeping views of the bay for every resident and a fitness center. Situated high above the collection of Zagat-rated restaurants, galleries and entertainment venues nearby, its historic address and convenience make the building a prime location for downtown dwellers. The sales center at 32 S. Palm Avenue is open now. Arrange an appointment by calling 941-404-8858 or visiting TheDeMarcay.com.
About Pangea Mortgage Capital
Pangea Mortgage Capital (the “Company”) is a nationwide commercial lender headquartered in Chicago, Illinois. PMC provides financing on real estate-backed assets, with loan sizes between $2 million and $40 million. The Company is a subsidiary of Pangea Properties, a national multifamily housing owner of 13,000+ units. It is PMC’s mission to serve lower and middle market real estate investors, owners, and operators by unlocking value through creative, flexible transactions and leveraging its on-balance sheet capital to execute efficiently. To learn more about the Company, please visit www.pangeamortgage.com.