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12000 Gandy Boulevard

Updated Oct 14, 2025

Key International Secures $121 Million Construction Loan For Amara Bay Residences & Marina In St. Petersburg
FINANCEDDevelopment Site

Key International Secures $121 Million Construction Loan For Amara Bay Residences & Marina In St. Petersburg

12000 Gandy Boulevard

$121,000,000

Building Size

—

Asset Type

Development Site

Closing

Oct 14, 2025

About this deal

AI

Amara Bay Residences & Marina is a 39-acre waterfront mixed-use development site located at 12000 Gandy Boulevard N in St. Petersburg. The project involves a construction loan amounting to $121 million for the development of 415 luxury apartments and a 150-slip marina, along with extensive resort-style amenities. The initial buildings of the project are expected for delivery by Q4 2026.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $121,000,000
  • Lender: Abanca USA
  • Landlord: Diego Ardid, Inigo Ardid & Jose Ardid
  • Company: Key International
  • Market: St. Petersburg
  • Asset Type: Waterfront mixed-use project
  • Acreage: 39

Key International, represented by Diego Ardid, Inigo Ardid, and Jose Ardid, is driving the Amara Bay project, highlighting their commitment to developing luxury living spaces and recreational facilities. The financing from Abanca USA reflects the growth and potential in the St. Petersburg market.

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$121,000,000

Development Site

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Players

Abanca USA
Abanca USALender
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Saint Petersburg Development Site Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.13%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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