(Crystal Proenza is associate editor of Real Estate Florida.)
DESTIN, FL-Miami-based Cohen Financial has arranged a $26.9-million credit facility for waterfront condo-hotel development Emerald Grande, owned by locally based Legendary Inc. The financing was provided by an undisclosed publicly traded New York mortgage REIT, which has financed the project in the past, says Howard Taft, managing director at Cohen, who arranged the original $198 million loan for the development. The borrower was not available for comment.
The facility will be used to fund operations, carry costs, and sales and marketing expenses over the next three years. There are no provisions for additional money unless needed, Taft tells GlobeSt.com. The firm was able to secure financing for the project because of its strong relationship with the lender and the quality of the borrower.
"We have been working closely with our client throughout the development of Emerald Grande and have a solid understanding of their plan," says Taft. Legendary Inc. also proved itself to the lender when it paid down a significant amount of its original loan from pre-sales, he adds.
The 280-unit condo-hotel, located at 10 Harbor Blvd., was completed late last year. The project also includes 48,647 square feet of retail space that was completed this summer. According to Taft, the whole and fractional condo-hotel units are 80% sold and the retail portion is 80% leased by high-end specialty retailers. The space is anchored by New Orleans-based restaurants Commander's Palace and Pat O'Briens.
Legendary Inc. is a diversified real estate company and well-established local developer with other upscale projects in the area including Destin Commons, a 480,000-square-foot open-air lifestyle center and Legendary Yacht Club. The developments are within just a few miles of each other, says Taft.
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