Praxis Capital Group Funds Construction Loan for DeMarcay Condominium Project

With the $29 million loan in place, developer GK Real Estate anticipates The DeMarcay building will be complete in fall 2021.

By Staff February 13, 2020

A rendering of The DeMarcay

Private lender Praxis Capital Group has funded a $29 million construction loan for The DeMarcay, a luxury residential condominium project in downtown Sarasota. The 18-story, 39-residence building will offer valet parking, concierge services and a resort-style rooftop pool and clubroom with views of the Gulf of Mexico and Sarasota Bay. Ranging from 1,144 to 3,106 square feet, the floor plans will have the flexibility to combine units for larger square footage. GK Real Estate, developer of The DeMarcay, expects that residents will be able to move in beginning in the fourth quarter of 2021.

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