The Alloro at University Groves to feature 183 apartments for 55-plus age group
SARASOTA/PALM BEACH, Fla. -- Trez Capital, a private real estate lender helping to build better communities across North America, provided a $48 million loan to fund construction of a 55-plus rental community. The Alloro at University Groves will be located on 6.68 acres at 3415 Broadway Ave., Sarasota, Florida. Construction is underway, and the project is expected to be delivered in approximately two years.
The Alloro will feature three four-story buildings with 183 apartments offered at market rates and a 14,000-square-foot clubhouse that will be the focal point of active living.
The community will offer a host of amenities and social activities tailored for today’s aging baby boomer. Examples include Bocce Ball and Pickleball courts, resort-style pool and sauna, movie theater, game room, hair and nail salon and a gym. There will also be staff to lead classes and coordinate activities.
Vice President, Origination at Trez Capital, Scott Mehlman, originated the loan from the company’s Palm Beach, Florida office.
“We really love this project because it is unique for Sarasota,” Mehlman said. “You usually only find this level of amenities and service at senior facilities that offer assisted living and memory care. The Alloro is for people over 55 who live independently, want to stay active and healthy, and meet new friends who desire the same kind of lifestyle.”
The borrower is US Senior, LLC, which has been developing and managing independent senior living facilities for more than 35 years, with properties in New York, Florida, Georgia, Illinois and Colorado. It is the company’s first project in the Sarasota market.
“This borrower has an excellent reputation for developing 55-plus communities around the country, and we anticipate they will do exceptionally well in Sarasota, which has always been very attractive to well-heeled retirees,” said Brett Forman, Executive Managing Director, Eastern U.S. “When we evaluate lending opportunities, we look at the needs of a community, and in this case, there is a need for independent living ‘light’ that Alloro offers.”
This is the second loan Trez Capital has made on a new residential development in Sarasota in the past month. On June 30, it funded a $75 million construction loan for a 354-unit luxury apartment rental community called SOTA 75.
