The Jacksonville, FL branch of Bank of America is providing the developers with a $32.5-million development and construction loan for the first phase of a planned three-phased development in northwest Florida. The per-unit construction cost of the Marbella condos breaks out to $495,652. That cost compares to some luxury hotels which are being built in Florida at a hard construction cost of $200,000 to $300,000 per room, area construction industry estimators tell GlobeSt.com.
The project will have a 56-slip marina, boat docks and boardwalks.Cynthia Montgomery of the Akerman Senterfitt law firm represented the bank at closing. Terms of the loan were not disclosed. "This project will be an attractive addition to the Destin Harbor waterfront real estate market," Montgomery says.
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