Family Access Exchange LLC has provided a $3.62 million loan to Basil Street Partners LLC, the owners of the Naples Bay Resort project.
An affiliate of EFO Holdings LP, Family Access Exchange received a federal bankruptcy judge's approval to provide the financing, which will help ensure the resort near Tin City in downtown Naples stays open.
The project has 30 waterfront residential condominiums, 85 condominium-hotel units, 29,912 square feet of commercial space, and a 97-slip marina with direct access to the Gulf of Mexico.
The loan was requested by Diane Jensen, as the court-appointed trustee for Basil Street Partners. It was approved April 16. The resort has more than 125 employees in season. The loan will enable the development to continue operating over the next year, without cutting any services.