Gamma Real Estate has closed on a $4.4 million loan for land acquisition and pre-development activities on Siesta Key, an island just off Florida’s Gulf Coast opposite Sarasota. The borrower, Crossgate Partners, LLC, is developing an exclusive waterfront condominium community there.
Known as Océane, the gated development will comprise only six residences, each about 4,500 square feet in area and facing the Gulf of Mexico. The site is a short walk from the beach and from Siesta Key Village, popular for its more than 100 shops, restaurants, and entertainment venues.
Siesta Key is connected to the mainland via a causeway that provides easy access to downtown Sarasota and Sarasota-Bradenton International Airport.
“Gamma is delighted to help facilitate this extraordinary high-end development on one of Florida’s choicest remaining parcels for luxury living,” says Jonathan Kalikow, president of Gamma Real Estate. “Crossgate Partners, over its 14-year history, has built an excellent record of successful projects.”
Based in Suwanee, Georgia, Crossgate Partners develops residential, commercial, mixed-use, healthcare and student housing properties in the Southeast. It’s Florida portfolio includes Bay Street Village in Sarasota, and the company is planning another condo development on Longboat Key, off Sarasota.
Gamma Real Estate is a boutique commercial real estate firm based in New York City. Owned and operated by the Kalikow family, the firm boasts a 45-year history of success as both lenders and owners of commercial real estate. For more information, please visit www.gammarealestate.com.