Black Bear Arranges $19M Construction Financing for FL Gulf Coast Condos
Black Bear Capital Partners has arranged $19.2 million in construction financing for construction of The Overlook, a for-sale condo development in Port St. Joe, FL.
The loan, provided by a national debt fund, featured a 75% LTC funding level, earnout potential with interest-only payments for the entirety of the term. Suraj Desai and Raymond Zanca of BBCP arranged the financing package on behalf of Monolith Capital.
Located on West Highway 98 and Pompano Street in Port St. Joe, The Overlook will encompass 49 units in six buildings spanning approximately 107,459 gross square feet. The new development will include an amenity package inclusive of a pool and clubhouse features along with an 825 linear feet of ocean views.
Black Bear’s Zanca stated that locational and planned design features of The Overlook were leveraged to achieve a favorable and flexible loan structure consistent with borrower’s individualized business plan.