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Bank OZK Provides $173.5M Construction Loan For Ronto Group's Condo Development In Sarasota

Property Image
FINANCED
$173,500,000
Steven (Steve) Klein
Brian Gaswirth
Shane Ciacci
+ 1

Florida

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Development Site
Financed 11/03/2023
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Property Image
FINANCED

Bank OZK Provides $173.5M Construction Loan For Ronto Group's Condo Development In Sarasota

930 Benjamin Franklin Drive

See Similar Deals
Development Site
Financed 11/03/2023
Steven (Steve) Klein
Brian Gaswirth
Shane Ciacci
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The Ronto Group and Wheelock Street Capital have secured a $173.5 million construction loan from Bank OZK for a condominium development in Sarasota. The property is located at 930 Benjamin Franklin Drive and comprises 65 units. The loan will support the development of the project.

Summary of transation details

  • Property Type: Condo
  • Transaction Amount: $173,500,000
  • Address: 930 Benjamin Franklin Drive, Sarasota
  • Market: Sarasota
  • Loan Type: Construction Loan

The development project is spearheaded by the Ronto Group and Wheelock Street Capital. JLL's representatives on the deal include Steven Klein, Brian Gaswirth, Paul Adams, and Shane Ciacci. They will be working closely with the sponsors to ensure the smooth execution of the project.

Players

Brian Gaswirth
JLL
Brian Gaswirth
45 deals$6.3B volume(305) 421-6554
BROKER
Steven (Steve) Klein
JLL
Steven Klein
51 deals$3.9B volume(212) 632-1838
BROKER
Shane Ciacci
JLL
Shane Ciacci
10 deals$920.8M volume
BROKER
Paul Adams
JLL
Paul Adams
16 deals$2.6B volume(786) 532-2355
BROKER
Bank OZK
Bank OZK
LENDER
Wheelock Street Capital
Wheelock Street Capital
LANDLORD
RG
Ronto Group
LANDLORD

Details

FINANCED
IMAGE: Anthony Solomon, Hunter Jones, Steven Klein, Brian Gaswirth, Paul Adams & Shane Ciacci DATE: 11/03/2023 ADDRESS: 930 Benjamin Franklin Drive MARKET: Sarasota ASSET TYPE: Condo ~ UNITS: 65 LENDER: Bank OZK (@BankOZK) SPONSOR: Ronto Group - Anthony Solomon & Wheelock Street Capital - Hunter Jones SPONSOR'S REP: Steven Klein, Brian Gaswirth (@BGassy), Paul Adams & Shane Ciacci - JLL (@JLL) LOAN AMOUNT: $173,500,000 LOAN TYPE: Construction Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$173,500,000.00

Monthly NOI$1,156,666.67
Monthly Debt Service$1,096,638.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00