Property Markets Group (PMG) has secured $26 million of acquisition and pre-development financing for its long-planned luxury condominium tower in Sarasota, Fla., that’s currently in the midst of a legal battle, Commercial Observer has learned.
Maxim Capital Group provided the loan on PMG’s 18-story One Park Sarasota project on the Sarasota bayfront, where the developer is planning to build the 123-unit complex over a central road called Quay Commons.
The development has prompted a legal battle from the neighboring Ritz-Carlton Residences condo board over the air rights for it. But PMG has been moving forward and earlier this week acquired the 2 acres of contested land for $37 million, which it plans to combine into the project, the Sarasota Herald-Tribune reported.
PGM closed on the Quay Commons land shortly after a bench trial concluded before Judge Hunter Carroll of the 12th Judicial Circuit Court in late September. A public hearing before the Sarasota City Commission over a request for the city to amend the general development plan for the area around Quay Commons is scheduled for Oct. 11.
Demand for luxury condos in Sarasota has been strong, with One Park topping $150 million in sales during the first 30 days the units hit the market in early 2022, the Business Observer reported at the time. Amenities at One Park Sarasota will include a swimming pool, a spa deck with lounge areas, a well spa, a fitness studio and a wine room.
Representatives at Maxim Capital Group and PMG did not immediately return requests for comment.
Maxim has previously closed financings with PGIM, including supplying an $18.5 million loan for the firm’s development of 100,251 square feet in Brooklyn’s Gowanus section in March 2021, CO previously reported.
Andrew Coen can be reached at firstname.lastname@example.org.