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David L. Picket Of Gotham Organization And Dustin DeNunzio Of The DeNunzio Group Secure $160M Loan For The Bluffs In Clearwater

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FINANCED
$160,000,000

Florida

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Development Site
Financed 02/26/2026
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Property Image
FINANCED

David L. Picket Of Gotham Organization And Dustin DeNunzio Of The DeNunzio Group Secure $160M Loan For The Bluffs In Clearwater

150 South Osceola Avenue

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Development Site
Financed 02/26/2026
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The Bluffs is a mixed-use development site located at 150 South Osceola Avenue in Clearwater, featuring a total buildable square footage of 630,000. This project is set to include 400 luxury rental units, 10,000 square feet of retail space, and 440 parking spaces. Alongside the residential and retail components, there will be a separate 158-room Hilton hotel in proximity to the development. Construction will begin immediately, with the hotel expected to open next year.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $160,000,000
  • Loan Type: Construction
  • Lender: Wells Fargo, Schroders Capital & Lionheart Strategic Management
  • Landlord: David L. Picket - Gotham Organization
  • Landlord: Dustin DeNunzio - The DeNunzio Group

The Gotham Organization and The DeNunzio Group secured financing that consists of a senior loan of $115 million from Wells Fargo, supplemented by $45 million in mezzanine debt and preferred equity from Schroders Capital and Lionheart Strategic Management. This financing will support the construction of the mixed-use project and hotel in downtown Clearwater.

Players

Lionheart Strategic Management
Lionheart Strategic Management
LENDER
Wells Fargo
Wells Fargo
LENDER
Schroders Capital
Schroders Capital
LENDER
GO
Gotham Organization
LANDLORD

Details

FINANCED
IMAGE: David L. Picket & Dustin DeNunzio DATE: 02/26/2026 ADDRESS: 150 South Osceola Avenue MARKET: Clearwater ASSET TYPE: Development Site ~ BSF: 630,000 LENDER: Wells Fargo (@WellsFargo), Schroders Capital & Lionheart Strategic Management LANDLORD: David L. Picket - Gotham Organization (@GothamOrg); Dustin DeNunzio - The DeNunzio Group LOAN AMOUNT: $160,000,000 LOAN TYPE: Construction NOTE: The Gotham Organization and The DeNunzio Group secured $160 million in construction financing for The Bluffs, a 630,000-square-foot mixed-use project in downtown Clearwater, including a $115 million senior loan from Wells Fargo and $45 million in mezzanine debt and preferred equity from Schroders Capital and Lionheart Strategic Management. The project will feature 400 luxury rental units, 10,000 square feet of retail and 440 parking spaces, alongside a separate 158-room Hilton hotel nearby, with construction set to begin immediately and the hotel slated to open next year.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$160,000,000.00

Monthly NOI$1,066,666.67
Monthly Debt Service$1,011,308.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00