Silver Sky Global Capital, the development company behind the new Bath + Racquet Residences & Club in Sarasota, has taken out a $79 million construction loan for the project.
The floating rate loan was issued by Scale Lending and is for 30 months with two six-month extension options.
The financing will go toward the construction of the project on the site of the former Bath & Racquet Club at 2170 Robinhood St., which closed in 2021. The property is behind a Trader Joe’s and just south of Bee Ridge Road and U.S.
Scale Lending, in a statement announcing the financing, says construction is underway on the project and that the majority of the 256 residences have been pre-sold. That includes all 33 one-bedroom units.
The residential portion of the project includes one-, two- and three-bedroom condo units over a four-story building; 60,000 square feet of ground floor commercial, recreational and office space; 21,700 square feet of additional commercial space; and a 2-acre park.
There will also be a 43,500-square-foot private club “to reinvigorate the heritage and positioning of the original Sarasota Bath & Racquet Club built in 1969.”