Pangea Mortgage Capital Closes Condominium Construction Loan in Sarasota, FL

Pangea Mortgage Capital recently closed a $36mm loan for the construction of the DeMarcay condominium tower in Sarasota, Florida.

Chicago, IL, October 15, 2021 --( Pangea Mortgage Capital (“PMC”), a nationwide commercial lender headquartered in Chicago, Illinois, closed a $36.0 million construction loan for the DeMarcay, an 18-story, 39-unit, luxury to-be-built condominium tower located in Sarasota, Florida.

The DeMarcay is in the heart of downtown Sarasota and a short walk to its world class galleries, restaurants, shops, theaters, and the marina. It will offer a mix of 1, 2, and 3-bedroom units ranging in size from 1,055 to 3,219 square feet. The property will have best-in-class amenities including a rooftop pool and clubroom with views of the Sarasota Bay. Each unit will have at least one reserved garage parking spot. The project is being developed by GK Real Estate, a real estate acquisition and development company based in Barrington, Illinois.

Michael Bachenheimer, Director, Pangea Mortgage Capital, said: “PMC is excited for the opportunity to work with the GK Real Estate team to facilitate their vision to bring a high-end and highly amenitized condominium project to life in Sarasota. Given the combination of the strong development team, improving market fundamentals, and solid pre-sales, we believe in the success of this project.”

Greg Kveton, Principal, GK Real Estate, said: “We are thrilled to have Pangea as our financing partner. This loan will provide all construction funding for the development through its completion. We're also nearing the halfway point on sales and have seen strong visitor traffic this year as the real estate market in Sarasota is experiencing unprecedented demand. We look forward to working with Pangea to realize the successful delivery of this unique project to its future residents.”

About Pangea Mortgage Capital:
Pangea Mortgage Capital (the “Company”) is a nationwide commercial lender headquartered in Chicago, Illinois. PMC provides financing on real estate-backed assets, with loan sizes between $2 million and $40 million. The Company is a subsidiary of Pangea Properties, a national multifamily housing owner of 13,000+ units. It is PMC’s mission to serve lower and middle market real estate investors, owners, and operators by unlocking value through creative, flexible transactions and leveraging its on-balance sheet capital to execute efficiently. To learn more about the Company, please visit

About GK Real Estate:
GK Real Estate is a Barrington, Illinois based real estate acquisition, development, and management company specializing in commercial and multifamily properties. The company was founded in 1995 by Garo Kholamian, President. The GK Real Estate management team has successfully acquired, developed, and managed a diversified portfolio of office, retail and multifamily real estate throughout the U.S, and currently holds a portfolio of 5.4 million square feet of property.
Taylor Johnson
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