Pacific Life Insurance Co. of Newport Beach, CA provided theloan but didn't disclose its length, interest rate, amortizationperiod 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 sitecontaining undetermined office and retail space, parking andrestaurants.
Construction of the first phase is expected to be completed byMay 2006. The Strand consists of 204 two-bedroom units, 25three-bedroom units and 21 studio units. Projected rents areundetermined. 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 ofFoley & Lardner represented Pacific Life. Madison Capital GroupLLC of Miami brokered the loan. Angelo, Barry and Banta, a FortLauderdale-based law firm, negotiated for the developer.
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