Pacific Life Insurance Co. of Newport Beach, CA provided the loan but didn't disclose its length, interest rate, amortization period or loan to value ratio. The developer plans a 37-story, 234-unit condominium community in the second phase of the project. The third and final phase will be a mixed-use commercial site containing undetermined office and retail space, parking and restaurants.
Construction of the first phase is expected to be completed by May 2006. The Strand consists of 204 two-bedroom units, 25 three-bedroom units and 21 studio units. Projected rents are undetermined. American Land Ventures of Miami and its president, Granvil Tracy, manage St. Johns Phase 1.
Matthew G. Breuer and David Cook in the Tampa law office of Foley & Lardner represented Pacific Life. Madison Capital Group LLC of Miami brokered the loan. Angelo, Barry and Banta, a Fort Lauderdale-based law firm, negotiated for the developer.
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