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

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.