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.
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.