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Bank OZK Provides $215M Construction Loan For The Ritz-Carlton Residences In Estero Bay

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FINANCED
$215,000,000
Jimmy Calvo
Brian Gaswirth
Paul Adams

Florida

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Development Site
Financed 12/22/2023
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Property Image
FINANCED

Bank OZK Provides $215M Construction Loan For The Ritz-Carlton Residences In Estero Bay

5000 Coconut Road

See Similar Deals
Development Site
Financed 12/22/2023
Jimmy Calvo
Brian Gaswirth
Paul Adams
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

Bank OZK has provided a construction loan of $215,000,000 to London Bay for the development site located at 5000 Coconut Road in Estero Bay. The loan was arranged by JLL Capital Markets.

Summary of transaction details:

  • Property Type: Development Site
  • Loan Amount: $215,000,000
  • Loan Type: Construction Loan
  • Lender: Bank OZK
  • Landlord: London Bay
  • Landlord's Representative: Brian Gaswirth, Jimmy Calvo & Paul Adams - JLL

The Ritz-Carlton Residences, Estero Bay South Tower in Bonita Springs, Florida, will consist of 112 units. JLL Capital Markets played a key role in arranging the construction financing for this development.

Players

Brian Gaswirth
JLL
Brian Gaswirth
45 deals$6.3B volume(305) 421-6554
BROKER
Jimmy Calvo
JLL
Jimmy Calvo
16 deals$3B volume
BROKER
Paul Adams
JLL
Paul Adams
16 deals$2.6B volume(786) 532-2355
BROKER
Bank OZK
Bank OZK
LENDER
LB
London Bay
LANDLORD

Details

FINANCED
IMAGE: Brian Gaswirth, Jimmy Calvo & Paul Adams DATE: 12/22/2023 ADDRESS: 5000 Coconut Road MARKET: Estero Bay ASSET TYPE: Development Site LENDER: Bank OZK (@BankOZK) LANDLORD: London Bay LANDLORD'S REP: Brian Gaswirth (@BGassy), Jimmy Calvo (@JCalvo1993) & Paul Adams - JLL (@JLL) LOAN AMOUNT: $215,000,000 LOAN TYPE: Construction Loan NOTE FROM LANDLORD'S REP: JLL Capital Markets arranged the construction financing for the 112-unit The Ritz-Carlton Residences, Estero Bay South Tower in Bonita Springs, Florida.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$215,000,000.00

Monthly NOI$1,433,333.33
Monthly Debt Service$1,358,946.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00