NORTH FORT MYERS, FL-CR Hancock Bridge, an affiliate of Baltimore-based Continental Realty Corp., has obtained a $77.2-million construction loan to begin the ground-up development of North Star Yacht Club. The estimated construction cost is $100 million, David Strouse, Continental's chief investment officer, tells GlobeSt.com.

Ground broke in late December and he expects completion in August 2007. The project will contain two 13-story buildings with an aggregate of 170 residential condo units and a clubhouse that joins the two towers.

Hypo Real Estate Capital Corp., the New York City-based subsidiary of Hypo Real Estate Bank International, which is based in Stuttgart, Germany, provided the funding. Evan F. Denner, HRECC's deputy CEO, says the loan is for a 33-month term. The interest rate is undisclosed. This is Hypo's first transaction with Continental.

The three- and four-bedroom residential units range from 1,757-sf three-bedroom units to 3,800-sf, four-bedroom penthouses. Selling prices begin at $500,000 and reach to $1.5 million, Strouse says. The buildings are designed to provide views of Downtown Fort Myers and the Caloosahatchee River. The 12.2-acre parcel on Beau Drive has direct access to the Gulf of Mexico and will include a marina.

Continental develops, owns and manages commercial, retail and residential properties, including rental complexes, in Maryland and Southwest Florida. The company has five shopping centers in Naples: Orange Pine Plaza, Bed Bath & Beyond Plaza, the Gateway of Naples, River Beach and the Colonnade on Fifth.