Pasco County resort obtains $72 million loan for redevelopment

The developers behind the massive redevelopment of the Saddlebrook Resort in Pasco County have obtained a $72.5 million loan.

Mast Capital announced Tuesday it had secured the loan from Beach Point Capital Management to finance part of its planned $92 million renovation of the 480-acre Wesley Chapel resort it bought in 2022.

Terms of the loan were not available.

The Miami real estate investment firm bought the property with Amzak Capital Management.

According to a statement announcing the financing, Mast says the full scope of the project will include a redesign of the guestroom suites; lobby; meeting spaces; pool and outdoor facilities; golf course and food and beverage facilities; as well as significant upgrades to the resort’s landscaping, sports facilities and lifestyle amenities.

The plan also calls for transforming two 18-hole golf courses into a 27-hole course designed by golf architect Rees Jones.

The resort recently opened a new driving range that was relocated closer to the resort.

The developer’s long-term plans for the property also include building a new town center with 465 rental apartments, 25 town homes, 75,000 square feet of retail and office space and a pedestrian promenade. Mast also plans to build a 120-unit town home community and 25,000 square feet of commercial space within the property.

Saddlebrook was founded in 1981 and at the time of sale it had 500 hotel rooms-condominiums, 45 tennis courts, six pickleball courts and 100,000 square feet of meeting space.

It also had several cafes and restaurants, large resort-style swimming pool, a spa, tennis and golf pro-shops, nature reserve, as well as classroom space and student dormitories for Saddlebrook Prep, the onsite tennis academy.

JLL Capital Markets worked with Mast and Amzak to secure the financing.

The firm’s Chris Drew, Brian Gaswirth, Jeff Bucaro, Paul Adams, Mark Deslauriers and Nicole Barba represented the joint venture.