GK Real Estate secures $29m loan for luxury residential project in Florida
February 18, 2020 – GK Real Estate, a US-based real estate developer, has secured $29m loan from Praxis Capital Group for the construction of The DeMarcay, a luxury residential condominium project, located in downtown Sarasota, Florida.
With the financing in place, construction on the project is expected to be completed in the fall of 2021.
The 18-storey development, located at 33 S. Palm Avenue in Sarasota, will include 39 luxurious and modern residences.
The project will also include luxurious amenities such as 24-hour valet service, a rooftop a resort-style rooftop pool and clubroom with sweeping views of the bay for every resident along with a fitness centre.
The floor plans of the building will be between 1,144ft² and 3,106ft², with flexibility to combine units for large space. The condo will include 2,800ft² of retail space.
GK Real Estate principal Greg Kveton said: “With our construction loan in place, buyers have peace of mind knowing that we will begin construction and that there will be no financial delays for the project.
“Our construction team has already started the process of preserving the on-site historic facades, and we anticipate steady updates as our construction timeline gets underway. We expect that homeowners can begin moving in as soon as the fourth quarter of next year.”
The building sits in the midst of a collection of Zagat-rated restaurants, galleries and entertainment venues nearby, making it a prime location for downtown dwellers.
The ground breaking of DeMarcay took place in late 2019. The luxury condo is being built on the site of the former DeMarcay Hotel and The Roth Cigar Factory. As a gesture of preserving the history, the tower will include façades and interior materials from both buildings dating from the 1920s.
Voeller Construction has been appointed as the general contractor for the project while the architecture was designed by Parker Walter Group.