Ohana Upsizes Panther National Loan to $165M, Adds $50M JPMorgan

Ohana Real Estate Investors upsized its loan against Panther National to $165 million, adding $50 million in fresh debt from JPMorgan Chase just over a month after buying the Palm Beach Gardens golf resort for $191.2 million.

Why it matters

The timing is the story. Ohana closed on Panther National on July 22 with a $115 million JPMorgan mortgage covering about 60% of the purchase price, as we reported when Centaur Holdings sold the property. Coming back to the same lender for another $50 million inside five weeks, rather than waiting to season the asset, signals JPMorgan is comfortable extending further against the golf operation and the roughly 150 unsold home lots before Ohana has proven out a hold or repositioning strategy. For developers watching Palm Beach County’s luxury golf corridor, it is a live read on how much leverage a lender will still write against an amenity-anchored community with $1 million-plus product, and how fast that leverage can grow once a relationship lender is already in the deal.

The new facility also carries a revolving credit line, not just a term loan. That structure gives Ohana draw-down flexibility for carrying costs, lot improvements or working capital on the remaining Panther Community inventory, rather than locking all of the new debt into a single fixed draw, a detail that points to an active buildout rather than a passive hold.

The numbers

The total debt against the 392-acre Panther National site at 10391 Panther National Boulevard now stands at $165 million, up from the original $115 million JPMorgan mortgage. The $50 million add-on also secures a revolving credit facility with a maximum principal amount of $73.3 million. The site includes an 18-hole championship course, a nine-hole par-3 course, and about 150 unsold lots in the 218-unit Panther Community, where homes carry price tags above $1 million. Ohana paid $488,000 per acre in the July purchase.

What’s next

Watch whether the new draw goes toward lot development, club upgrades or simply working capital, because that will show whether Ohana is accelerating the sellout of the remaining Panther Community lots or holding the golf operation as a longer-term amenity play. Either way, JPMorgan is now more exposed to the outcome than it was five weeks ago. Track the deal and the rest of the pipeline at the South Florida hub.