Florida & Gulf Coast + Gulf Coast + Apartments | October 26, 2021

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.

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Black Bear Capital Partners’ Raymond Zanca

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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