PANAMA CITY BEACH, FL-The developers of the 613-unit Cabana Cay condominium project have received a $75-million construction loan.

Cleveland-based KeyBank Real Estate Capital closed the revolving loan facility for the Columbus, OH-based developers Slane Co. Ltd. and JDS Cos. KeyBank served as the lead arranger and administrative agent on the transaction and worked with two other banks to secure and syndicate the loan. Terms included a 36-month facility loan that was structured in four phases with presale requirements for each phase. The total project cost is $150 million.

Cabana Cay will be comprised of four five-story buildings each containing 152 units located across the street from the Gulf of Mexico. Amenities will include a 13,475-sf pool, two hot tubs, a poolside bar and grill and private beach access. Units are sold fully furnished.

KeyBank senior vice president Robert Zelina, who is based in Columbus, tells GlobeSt.com that the loan will fund construction of all four buildings in the project. Work on the first two buildings began in late summer, with the first building expected to be completed in March or April 2007. "The first two buildings are virtually sold out," Zelina says. "The average sales price of building one was $320,000 and $330,000 for building two."

The developers have not yet released the third and fourth buildings for sale. Under terms of the construction loan, the developers must pre-sell a certain number of units before construction can begin. "They want to time the release of building three so that it coincides with when the first building is completed," Zelina says.