SeaGlass Cove Secures $8.46 Million Permanent Loan From Centennial Bank In Marathon Florida

The asset involved in this transaction is a single-family residence located at 59720 Overseas Highway in Marathon, Florida. This property is part of SeaGlass Cove, a 14-home luxury oceanfront community. The development has reached completion and has secured a permanent loan of $8.46 million from Centennial Bank, transitioning from construction financing. Currently, the project is 50% sold, with seven residences ready for move-in.

Summary of transaction details:

• Property Type: SFR
• Transaction Amount: $8,460,000
• Lender: Centennial Bank
• Landlord: Eduardo Otaola - Constellation Group
• Landlord: Everett Atwell - Ironwood Venture Group

The key individuals involved in this transaction include Eduardo Otaola, representing Constellation Group, and Everett Atwell, representing Ironwood Venture Group. Their collaboration has culminated in the successful development of the SeaGlass Cove community, showcasing a strategic partnership in the real estate market.