Private lender’s third transaction with same developer delivering sought after beach living in the Sunshine State
ST. PETERSBURG/PALM BEACH, Fla. – Trez Capital, a private real estate lender helping to build better communities across North America, funded a $29,216,596 construction loan for a boutique condominium project on the beach near St. Petersburg, Florida. Ocean Club features 63 units with prices ranging from $700,000s to $900,000s. The building is nearly 50 percent sold and expected to be completed in the fourth quarter of 2022.
Trez Capital Executive Managing Director, Eastern U.S., Brett Forman and Vice President, Origination, Scott Mehlman originated the loan for the borrower, Treasure Island Investment Holding LP.
Construction is now underway on the six-story Ocean Club located on a 1.26-acre parcel in the small coastal city of Treasure Island at 11500 Gulf Blvd. The building features two-bedroom/two-bathroom residences with nearly 1,000 square-feet of living space. The units offer high-end finishes and large balconies with premium views of the beach and Gulf of Mexico.
Common area amenities include a swimming pool, relaxing spa, state-of-the-art fitness center, private elevators and beach access. The building will also have a lounge with food-and-beverage service, and a rooftop terrace for residents to enjoy a spectacular sunset. Numerous shopping and dining options are easily walkable from the property.
“Our borrower is meeting the frenzied demand for waterfront living in a part of Florida that is known for its wide, sandy beaches, a slower pace of life and breathtaking views,” Forman said. “The Ocean Club is ideally positioned to attract buyers looking for a full-time residence or a vacation home.” Forman continued: “As a lender, we seek to work with developers who specialize in a market and really know what their customers want, and this is a perfect example.”
This is the third condominium construction loan Trez Capital has made to the same developer over the past two years for waterfront condominium projects in Pinellas County.
In September 2021, the private lender funded a $21.5 million loan for Azure near Clearwater Beach. In September 2019, Trez Capital closed on a $16 million loan for the 34-unit Avalon Beach Club, a condo-hotel project in Clearwater. In January 2021, Trez provided $15.61 million in construction financing for a new development called The Harbor at Town Center, constructed by a different developer in Madeira Beach.
Trez Capital provides short-term debt and equity financing typically between six and 36 months in term, up to $100 million in loan value. Trez Capital is on pace to originate about $2 billion in loans by the end of 2021, with approximately $800 million in value being produced from the Eastern U.S. division, which includes offices in Palm Beach and Atlanta.
