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Banyan Cay Resort & Golf Club lands $61M loan for hotel development

Banyan Cay Dev plans to break ground on the 150-key hotel next week

Banyan Cay Resort rendering and clubhouse rendering plus Domenic Gatto and Jack Nicklaus
Banyan Cay Resort rendering and clubhouse rendering plus Domenic Gatto and Jack Nicklaus

Banyan Cay Development just scored a $61 million construction loan to build the resort portion of its master-planned Banyan Cay Resort & Golf Club in West Palm Beach.

Banyan Cay founder Domenic J. Gatto said the financing covers the construction of a 150-room luxury hotel to be operated by Noble House Hotels & Resorts and 22 villas with prices starting at $500,000.

Records show the lender is a company tied to Calmwater Capital, a Los Angeles-based provider of commercial real estate financing. Gatto said the firm plans to break ground on the project next week.

Banyan Cay Development paid $26 million for the sprawling development site at 2300 Presidential Way in 2015. The 240-acre property, formerly known as the President Country Club, sits near the Palm Beach Outlets mall, east of I-95.

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In addition to the resort, Banyan Cay Resort & Golf Club will consist of about 150 single-family homes developed by Boca Raton-based SobelCo. and a 179-unit luxury condo tower. The development also includes a recently opened 18-hole Jack Nicklaus-designed golf course. Gatto said a detached golf clubhouse is currently under construction.

Noble House Hotels & Resorts is an owner and operator of luxury hotels and resorts throughout the United States. The hotel at Banyan Cay Resort & Golf Club will feature two restaurants, a spa and fitness center and a pool.

Adache Group Architects and Randall Stofft Architects are designing the project. Jacob Erecting & Construction is the general contractor.

Gatto said the development firm is also considering selling the condo portion of the project for an undetermined price.

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