Bank of America Loans $33M on Luxury Condos

DESTIN, FL-This condominium-dotted city in Florida’s Panhandle is getting another community when Marbella Condominium Developers LLC and Marbella Yacht Club LLC break ground later this month on one of the more costly projects started in the last several years on the city’s famed silver sands strip.

The Jacksonville, FL branch of Bank of America is providing the developers with a $32.5-million development and construction loan for the first phase of a planned three-phased development in northwest Florida. The per-unit construction cost of the Marbella condos breaks out to $495,652. That cost compares to some luxury hotels which are being built in Florida at a hard construction cost of $200,000 to $300,000 per room, area construction industry estimators tell GlobeSt.com.