The developers of a condominium at the Ocean Reef Club near Key Largo borrowed $74.5 million to finance construction of the 48-unit project.
Long Island, New York-based ACRES Capital provided the construction loan for the condo project, called Residence Club at Ocean Reef.
The borrowers include John Grunow III and John Grunow Jr. of The Grunow Group and former Trammel Crow Residential executive Ronald Terwillger. Their partners in the project include Martin Levine of Redwood Real Estate Group.
Residence Club at Ocean Reef is designed as a three-building complex spanning 103,700 square feet at 1 Golf Village Drive at the Ocean Reef Club, a gated, 2,500-acre community just north of Key Largo.
Owners of the one-, two- and three-bedroom condo units will have access to the 18,000-square-foot private clubhouse at Ocean Reef Club and the community’s golf course and marina.
The developers have advanced the Residence Club at Ocean Reef, which would be built on the site of a 1970s condominium, despite initial opposition from eight owners of homes in the Ocean Reef Club community. [Commercial Observer] – Mike Seemuth