Greenwich, CT-based Knighthead Funding has closed on its biggest loan since the companyʼs founding in 2014.
Jonathan Daniel, principal of the commercial mortgage lender, announced the funding of a $75 million construction loan to complete a luxury condominium development in Sarasota, FL.
“The collective experience of our executive team allows us to understand the circumstances of each transaction, and structure loans to meet the specific needs of each borrower,” said Daniel.
“We will continue to rely on our ability to react and close loans quickly in order to build on our lending portfolio throughout the United States. We expect to originate more than $600 million in short-term debt in 2019.”
Knighthead Funding was able to fund the 24-month construction loan within 30 days of executing the term sheet.
With new financing in place, the sponsorship, a partnership between Michigan-based real estate investment firm Promanas and Florida-based Core Development, is expected to complete construction and deliver the residences on time in the first quarter of 2020.
Located at 1224 Blvd of the Arts in Sarasota’s exclusive Rosemary District, BLVD Sarasota is an 18-story luxury high-rise with 49 residences offering some of the largest floorplans in the city.
Building amenities include a golf simulator, Peloton-based fitness center, and a wine cellar for private collections. The project is currently over 44 percent pre-sold.
Since inception, Knighthead Funding has deployed nearly $1 billion in short term-bridge debt as the firm continues to increase loan size and geographic reach, which includes the firm’s first four loans in California since becoming licensed in the second half of 2018. To date, Knighthead has funded loans in 19 states across the country.