Private lender continues Florida push with Corsica at Talis Park construction loan
NAPLES/PALM BEACH, FL (May 25, 2021) -- Trez Capital, a private real estate lender helping to build better communities across North America, funded an $8.34 million loan for the site acquisition and construction of new single-family homes within a large development in Naples, Florida. The project, Corsica at Talis Park, is part of the broader Talis Park community, which features 224 single-family homes, 268 condominiums, a clubhouse, restaurants and a Pete Dye and Greg Norman-designed golf course.
Corsica Talis Park Owner JV 2 is the borrower. The transaction closed on May 14. Trez Capital Executive Managing Director, Eastern U.S., Brett Forman and Vice President, Origination Scott Mehlman originated the transaction on behalf of the lender.
The borrower plans to build 12 single-family coach-style homes averaging 2,957 square feet in size on nearly two acres at 16304 Corsica Way. Construction is set to begin immediately. Ten of the 12 homes are pre-sold, and about 90% of the entire Talis Park development is sold out.
Additional Talis Park amenities include a spa, gym, two swimming pools, six tennis courts and golf facilities to complement the golf course.
“Like many communities in Florida, Talis Park has benefitted from the massive influx of new residents moving to the state,” Forman said. “The sharp rise in population intensifies the need for new housing in Florida’s most desirable markets, including Naples. The lack of supply is also driving significant price increases.”
Trez Capital is funding numerous residential and multifamily developments throughout Florida. In Central Florida, the lender has closed nearly $20 million in lot development financing over the past six months. It also recently funded a $44.14 million first mortgage construction loan for a new apartment community near Daytona Beach.
“We apply our rigorous results-oriented, risk managed approach when evaluating opportunities,” said Forman. “Our criteria for selecting a lending or investment opportunity is to focus on markets with a growing population and higher-than-average job growth. Florida is a market where we see a lot of opportunity.”
In February 2021, Trez Capital closed a $70 million first mortgage construction loan for the Block 40 apartment and retail project in downtown Hollywood, Florida.
Trez Capital provides short-term debt and equity financing typically between six months and 36 months in term ranging from $5 million up to $100 million in loan value.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, high-yield mortgage investment funds, and provides property developers and owners with quick approvals on flexible short- to mid-term financing.
With offices in Vancouver, Toronto, Dallas, Atlanta and Palm Beach, Trez Capital has over $3.9 billion in assets under management and has funded over 1,500 transactions totaling more than $12.5 billion since inception. For more information, visit www.trezcapital.com.
