Berkadia Secures $20.5M Loan From Bank OZK for Pre-Development of Luxury Condo Site in Downtown Sarasota
Sarasota, Florida – December 23, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $20.5 million loan on behalf of sponsor SteeleHarbour Capital Partners to begin pre-development of Fifteen20, a prime 3.3-acre condominium and mixed-use development site located in downtown Sarasota, Florida.
Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia Miami secured the financing on behalf of SteeleHarbour Capital Partners, a privately held real estate investment firm.
BankOZK provided the floating-rate loan with a 24-month term.
“Bank OZK recognized the singular location and the unique scale available to create a legacy project that will transform downtown Sarasota, not only for the residents of this future development, but for those who come to enjoy its curated ground-floor retail environment as well,” said Foschini.
Located at 1520 Ringling Boulevard, the 3.3-acre site features flexible as-of-right zoning allowing for a variety of business plans, including luxury condos, multifamily, retail, hotel and mixed-use. The property offers exceptional walkability to a diverse array of retail, dining, and entertainment options along Downtown Sarasota’s Main Street, just two blocks away.