Kennedy Wilson Provides $83M Construction Loan For Bayside Sarasota Development

The Bayside Sarasota development site, located at 850 Cocoanut Avenue in Sarasota, Florida, has secured $83 million in construction financing from Kennedy Wilson. The loan amount will support the introduction of luxury rental apartments in the Rosemary District, aligning with post-COVID-19 population migration trends. The property was acquired by Longboat Group in 2010.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $83,000,000
• Landlord: W. Allen Morris - The Allen Morris Company; Deven Mitchell - Alaska Permanent Fund Corporation (APFC)

The joint venture between The Allen Morris Company and Alaska Permanent Fund Corporation (APFC) facilitated the $83 million construction financing from Kennedy Wilson. Key individuals involved include W. Allen Morris representing The Allen Morris Company and Deven Mitchell representing Alaska Permanent Fund Corporation (APFC).