Constellation Group And Ironwood Venture Group Secures $17M Construction Loan For SeaGlass Cove Development In Grassy Key

The Constellation Group and Ironwood Venture Group have begun construction on SeaGlass Cove, a luxury island development in Marathon, Florida. This development site, located at 59720 Overseas Highway in Grassy Key, is set to be a prestigious oceanfront gated community consisting of 14 single-family homes. The residences, with prices starting at $3 million, have already garnered significant interest, with over 40% of them already under contract or reserved. SeaGlass Cove offers an array of amenities, including a pool, pickleball court, and beach access. The project is set to be completed in 2024 and is being financed by a $17 million construction loan from Banesco USA.

Summary of Transaction Details

• Property Type: Development Site
• Transaction Amount: $17,000,000
• Address: 59720 Overseas Highway, Grassy Key, Florida
• Market: Grassy Key

The lender for this project, providing the construction loan, is Banesco USA, with Amelia Rodriguez representing the bank. The landlord of the development site is Constellation Group, led by Eduardo Otaola, along with Ironwood Venture Group, headed by Everett Atwell. With strong sales success already achieved and a remarkable location, SeaGlass Cove is poised to become a sought-after luxury residential community in the vibrant Florida Keys.