Development group taps Sonnenblick for construction loan.

Sonnenblick Goldman has been retained by the Cortex Development Group to arrange a $140 million land and construction loan for Harbor House and King's Pointe Marina, two prime waterfront development sites in Key West, Fla.

The Harbor House site will provide residents unobstructed views of the pristine Key West Harbor, with the energy and excitement of Old Town Key West just steps away. The planned development is largely entitled and will feature 32 luxury townhomes.

King's Pointe Marina is located in the Stock Island area of Key West and offers boaters in Key West the closest access to the Atlantic Ocean and Cuba. The site currently contains large-capacity wet and dry slips, and a private club and restaurant called The Sailfish Club. The club has already begun renovations and the site will be developed to include 32 luxury townhomes, eight new wet slips and a new 108-slip boat barn.

"In contrast to the over-built South Florida markets, the Keys are severely supply-constrained and there's a very real and unmet demand for luxury units," said Dave Karson, director at Sonnenblick Goldman. "Getting the right to build residential units is a very onerous process in the Keys, and there are severe restrictions on development. The county only allows a fixed number of building permits issued per year, and half of the permits available in the Keys are controlled by Cortex Companies."

Founded by two Key West natives, Cortex Development Group is the leading developer of luxury communities in the Florida Keys, with more than $1 billion of residential projects in various stages.