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Proscenium Seeks $100M Bridge Loan

SARASOTA-Carlton Advisory works with the $1-billion project on pre-development financing.

By Carl Cronan | Updated on June 05, 2008

(Carl Cronan is editor of Real EstateFlorida.)

SARASOTA, FL-The developer of the $1-billion Proscenium project here has engaged Carlton Advisory Services Inc. as equity and debt advisor to secure approximately $100 million of senior bridge financing. The money would be used to cover land acquisition and pre-development costs.

Key to the ambitious mixed-use project by Lion’s Gate Development is a 225-unit Waldorf-Astoria luxury hotel, one of two 18-story landmarks that would be added to the Downtown Sarasota skyline by late 2010. The project also includes a 59-room Waldorf-Astoria annex on Lido Beach, seven miles from the mainland site.

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