Developer of former Bath & Racquet Club Sarasota property gets $79M loan

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.”

The club will have 13 outdoor tennis courts and 16 pickleball courts — 12 of them indoors — a fitness center, oversized pool, spa, restaurant and a juice bar in addition to shuffle-ball courts.

Silver Sky, along with Federal Finance Group, bought the 13-acre property in 2022 for $15.35 million from developer from Mark Lucas who operated the club from early 2017 through February 2020 and tried to redevelop it.

Scale Lending is the debt financing arm of Slate Property Group, a New York City firm that mostly focuses on owning, operating, developing and lending in the multifamily sector.