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Lighthouse Point Yacht Club developer says Oceans Bank underwriting $66M loan but needs a partner to close
Summary
Terry Patterson told the commission he has an Oceans Bank loan in underwriting for about $66 million to restart a delayed yacht-club development, but said he must choose a new development partner before closing; he declined to provide the NDA or a loan commitment to the city at this time.
Terry Patterson, appearing for the Lighthouse Point Yacht Club project, told the commission the club has a new financing path but is not yet ready to close. "I have gotten a $66,000,000 loan from Oceans Bank," Patterson said, adding the loan is in underwriting and he must select a development partner before closing.
Patterson said he canceled a prior potential partner in January after five months of due diligence and that interest-rate and construction-cost increases since 2022 mean he needs more equity now than previously. Commissioners pressed on documentation and timing; Patterson said he chooses not to provide the nondisclosure agreement and that the bank appraisal and underwriting are complete today. He said the loan will be "financially viable when I close on my loan" and that he will not be able to close without a partner.
City staff and commissioners said they understood the update was informational; the commission did not change any permits or approvals at the meeting. Patterson asked only to update the commission on status; staff noted any permit or development-agreement requirements (including demonstration of financial viability) remain in force.
