Satya Secures $100M Construction Loan For Tiara On The Beach, Galveston

A $100 million construction loan has been secured by Satya from International Bank of Commerce (IBC Bank) for Tiara on the Beach, a 10-story luxury condominium development in Galveston located at 10525 San Luis Pass Road. The project will offer 63 Gulf-front residences with floorplans ranging from 1,661 to 4,300 square feet, featuring luxurious amenities such as a negative-edge pool, fitness center, pickleball courts, and private beach access. The residences are priced starting at $1.2 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $100,000,000
• Address: 10525 San Luis Pass Road
• Market: Galveston

Satya, the landlord of the development site, has also partnered with Sunny Bathija for this project. Additionally, Satya offers advisory services for commercial real estate acquisitions, providing market insights and analysis to interested parties. The project is designed by PLACE Designers and managed by Ludlow & Associates.