X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Crystal Proenza is associate editor of Real Estate Florida.)

DESTIN, FL-Miami-based Cohen Financial has arranged a $26.9-million credit facility for waterfront condo-hotel development Emerald Grande, owned by locally based Legendary Inc. The financing was provided by an undisclosed publicly traded New York mortgage REIT, which has financed the project in the past, says Howard Taft, managing director at Cohen, who arranged the original $198 million loan for the development. The borrower was not available for comment.

The facility will be used to fund operations, carry costs, and sales and marketing expenses over the next three years. There are no provisions for additional money unless needed, Taft tells GlobeSt.com. The firm was able to secure financing for the project because of its strong relationship with the lender and the quality of the borrower.

“We have been working closely with our client throughout the development of Emerald Grande and have a solid understanding of their plan,” says Taft. Legendary Inc. also proved itself to the lender when it paid down a significant amount of its original loan from pre-sales, he adds.

The 280-unit condo-hotel, located at 10 Harbor Blvd., was completed late last year. The project also includes 48,647 square feet of retail space that was completed this summer. According to Taft, the whole and fractional condo-hotel units are 80% sold and the retail portion is 80% leased by high-end specialty retailers. The space is anchored by New Orleans-based restaurants Commander’s Palace and Pat O’Briens.

Legendary Inc. is a diversified real estate company and well-established local developer with other upscale projects in the area including Destin Commons, a 480,000-square-foot open-air lifestyle center and Legendary Yacht Club. The developments are within just a few miles of each other, says Taft.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.