Naples Bay Resort receives $3.62 million loan, keeping it open over next year

Lexey Swall/Staff 
 Hotel guests Joseph and Claudia Trott, of Germany, spend time near the water behind The Hotel at Naples Bay Resort on Thursday morning in Naples. The resort — near Tin City in downtown Naples — isn't making enough money to cover all of its costs and an ongoing legal battle between well-known Naples developer Jack Antaramian and Fifth Third Bank is making it hard to find outside financing to keep the resort open and operating, he said.

Photo by LEXEY SWALL

Lexey Swall/Staff Hotel guests Joseph and Claudia Trott, of Germany, spend time near the water behind The Hotel at Naples Bay Resort on Thursday morning in Naples. The resort — near Tin City in downtown Naples — isn't making enough money to cover all of its costs and an ongoing legal battle between well-known Naples developer Jack Antaramian and Fifth Third Bank is making it hard to find outside financing to keep the resort open and operating, he said.

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.

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Comments » 2

kakman writes:

WC Fields was right. There's a sucker born every minute.

Trexler writes:

$325k per mo. to make up for negative cash flow, ..whats the skim factor? $300k/mo.?

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