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

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.