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Centennial Bank Provides $46.4M Loan For Construction Of The Edge Sarasota Condominium

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FINANCED
$46,400,000

Florida

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Condo211,000 SF
Financed 12/02/2024
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Property Image
FINANCED

Centennial Bank Provides $46.4M Loan For Construction Of The Edge Sarasota Condominium

290 Cocoanut Avenue

See Similar Deals
Condo211,000 SF
Financed 12/02/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Condo
Price Per Square Foot:$219
Total Square Footage:211,000 SF
Transaction Type:Loan

A joint venture between Jebco Ventures and Omnium Real Estate is set to build a 10-story, 27-unit condominium named The Edge Sarasota, located at 290 Cocoanut Avenue in the Sarasota market. The development has secured a construction loan amounting to $46,400,000 with square footage at 211,000.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $46,400,000
  • Lender: Jeffery Woodin - Centennial Bank
  • Landlord: Sadek Omar & Lee Smith - Omnium Real Estate; James Bridges - Jebco Ventures
  • Project: The Edge Sarasota, a 10-story, 27-unit luxury condominium
  • Total sellout value projected at: $109 million
  • Half of the 27 condominium units presold
  • Construction start: February 2024

Sadek Omar, CEO of Omnium Real Estate, expressed enthusiasm about the partnership with Centennial Bank for this development. The team at Jebco Ventures is collaborating closely to realize this project in Sarasota, which signifies their commitment to expanding the luxury condominium market in the area.

Players

Centennial Bank
Centennial Bank
LENDER

Details

FINANCED
IMAGE: Sadek Omar, Lee Smith, James Bridges & Jeffery Woodin DATE: 12/02/2024 ADDRESS: 290 Cocoanut Avenue MARKET: Sarasota ASSET TYPE: Condo ~ SF: 211,000 LENDER: Jeffery Woodin - Centennial Bank (@my100bank) LANDLORD: Sadek Omar (@Saddiegram) & Lee Smith (@Ldsmth) - Omnium Real Estate; James Bridges - Jebco Ventures LOAN AMOUNT: $46,400,000 LOAN TYPE: Construction NOTE FROM LANDLORD: Centennial Bank Lends $46M on Luxury Condo in Sarasota, Florida Jebco Ventures and Omnium Real Estate are teaming up to build a 10-story, 27-unit condominium A joint venture between Jebco Ventures and Omnium Real Estate has secured $46.4 million in construction financing to build The Edge Sarasota, a 10-story, 27-unit luxury condominium in Sarasota, Fla. Construction is set to begin this month, and the project has already presold half of the 27 condominium units. The development team projects a total sellout valued at $109 million. Sadek Omar, CEO of Omnium Real Estate and lead developer of the project, said in a statement that his team is “thrilled to partner with Centennial Bank” on the new development

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$46,400,000.00

Monthly NOI$309,333.33
Monthly Debt Service$293,279.56
Change in Cash Flow$0.00
Refinance Proceeds$0.00