Angelo & Banta Law Firm closes over $100 million in development financing for the Peninsula
A Luxury Condominium Project on the St. Johns River in Jacksonville, Florida
FT. LAUDERDALE – Angelo & Banta, P.A. recently represented American Land Ventures of Miami in closing mezzanine debt and a $86 million construction loan to build a 37-story, 234 unit luxury condominium tower in Jacksonville, Florida.
The 234-unit condominium is the second phase of a three phase project on the St. Johns River, which includes a luxury apartment tower and retail space. The condominium is expected to be completed by August 2007. The Peninsula will offer a number of community amenities and conveniences to its residents. The Peninsula’s residents will enjoy magnificent, broad-sweeping views of the St. Johns River. Building amenities will include a grand two-story lobby featuring custom-designed spaces with modern artwork, retail space, a library, business center, Internet Cafe, and private rooftop club. Residents will also enjoy a fitness center and health spa outfitted with the latest in weight and cardiovascular training equipment, a yoga and Pilates studio, massage and treatment rooms and a meditation garden. The development will offer immediate proximity to an above ground monorail that provides passenger transport in and around the Downtown Jacksonville CBD. The unit mix is comprised of one-, two- and three-bedroom units average approximately 1,700 square feet with unit prices averaging approximately $600,000.
Madison Capital Group helped arrange the financing with Corus Bank and Lehman Brothers.
Corus Bank of Chicago, Il, provided an $86 million construction loan and was represented by lawyers Mark C. Simon and Brian Sheedy of Katten Muchin Rosenman LLP.
Lehman Brothers of New York, NY, provided the mezzanine financing and was represented by Windels Marx Lane & Mittendorf LLP.