Scale Lending Provides $79M in Financing to Renovate Florida Tennis Club Residences

Silver Sky Global Capital has secured $79 million in construction financing to renovate and expand the Bath + Racquet Residences, a 256-unit residential and sports complex in Sarasota, Fla., that includes 21,700 square feet of commercial space, Commercial Observer has learned. 

SCALE Lending, the financing arm of Slate Property Group, provided the construction loan, which was arranged by JBA Equities and Noam Katz.  

Martin Nussbaum, co-founder and principal at Slate Property Group, said in a statement that the property fits nicely into Scale Lending’s core portfolio, which now encompasses more than $3 billion of originations and is expected to grow. 

“This loan will add to our growing Florida portfolio and intentional plan to expand Scale’s national platform,” he added. 

The construction financing will renovate a mixed-use multifamily complex and wider resident community that will include a new 43,500-square-foot, fitness facility, as well as a new 2-acre park, a playground, a pair of dog parks and a recreation trail. 

Located at 2170 Robinhood Street in Sarasota, Bath + Racquet is a four-story property that opened in 1969 and was bought by Silver Sky Global Capital in 2022. The on-site Sarasota Bath & Racquet Club features 13 outdoor tennis courts and 16 pickleball courts. Other amenities include a pool, a spa, a restaurant, a juice bar and two shuffle ball courts. 

Fabio Di Prima, founder and president of Silver Sky Global, said in a statement that the project will add “much needed and well-amenitized housing,” to the Sarasota residential marketplace. 

“We are grateful to Slate and Scale and … look forward to delivering this high-quality redevelopment while also maintaining the local charm of the original site,” he added.

Brian Pascus can be reached at bpascus@commercialobserver.com