Private lender Praxis Capital Group has funded a $29 million construction loan for The DeMarcay, a luxury residential condominium project by GK Real Estate in downtown Sarasota, Florida.
With new financing in place and sales already underway, the Illinois-based development firm anticipates the building will be completed in fall 2021.
“With our construction loan in place, buyers have peace of mind knowing that we will begin construction and that there will be no financial delays for the project,” said Greg Kveton, principal at GK Real Estate, the developer of The DeMarcay. “Our construction team has already started the process of preserving the on-site historic facades, and we anticipate steady updates as our construction timeline gets underway. We expect that homeowners can begin moving in as soon as the fourth quarter of next year.”
Located directly across the street from the project at 32 S. Palm Avenue in Sarasota, The DeMarcay sales office provides a preview of the planned high-rise condominium through a variety of visuals, including a scale model and the deluxe finishes available for the well-appointed kitchens and bathrooms.
The 18-story building will boast valet parking, concierge services and a resort-style rooftop pool and clubroom with expansive waterfront views of the Gulf of Mexico and Sarasota Bay. Ranging from 1,144 to 3,106 square feet, the floor plans will have the flexibility to combine units for larger square footage.
For more information, call 941-404-8858 or visit TheDeMarcay.com.
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