Casa Murano, designed for eight luxurious residences, is already sold out
FORT LAUDERDALE, FLORIDA– (April 1, 2022) Trez Capital, a private real estate lender helping to build better communities across North America, funded a $8,993,934.00 loan to finance construction of Casa Murano, a boutique luxury condominium project located on the water in Fort Lauderdale. The eight-unit building is sold out. Construction is expected to start over the next 30 days and be completed by the end of the third quarter of 2023.
Trez Capital Vice President Scott Mehlman originated the loan on behalf of the developer/borrower Casa Murano, LLC. Mehlman is based in Trez Capital’s Palm Beach, Florida office led by Executive Managing Director, Eastern U.S. Brett Forman. This is the third loan Trez has closed with the same development group since 2018.
“We are pleased to work with a repeat borrower that is adding a new luxury living option in Fort Lauderdale,” said Mehlman. “As people continue to move to South Florida in droves, developers cannot build projects like Casa Murano fast enough to meet the insatiable demand for high-end housing with water access.”
The five-story Casa Murano is located on a canal leading to the Atlantic Ocean at 141 Isle of Venice Dr. It is just blocks from popular boutique retail shops and dining spots on Las Olas Blvd. and a quick bike or car ride from Ft. Lauderdale Beach.
This exclusive project offers three-bedroom, four-and-a-half-bathroom units at an average size of 3,120 square feet. Each residence has floor-to-ceiling windows and a private rooftop terrace with a soaking tub and summer kitchen. Common amenities include a ground-floor pool and deck, and an eight-slip marina for owners use only.
Unit prices range from $2.2 million to $2.8 million.
“The demand for new housing is strong across the country, but perhaps nowhere is it as intense than in South Florida,” said Forman. “Fort Lauderdale remains a magnet for people seeking warm weather year-round and a laid-back coastal lifestyle, with plenty of dining and entertainment options within easy reach.”
In 2021, Casa Murano’s developer closed on a $70 million construction loan for Block 40, a 19-story rental project in Hollywood, Florida. Trez Capital also funded a loan for the land acquisition.
Trez Capital provides short-term debt and equity financing typically between six and 36 months in term, up to $100 million in loan value. In 2021, the company originated $3.9 billion in loan originations with $633 million sourced from the Eastern U.S. region that includes offices in Palm Beach, Florida and Atlanta, Georgia.
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About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices across North America, Trez Corporate Group has over $4* B CAD in assets under management and has funded over 1,600 transactions totaling more than $14.5 B CAD since inception. The Eastern U.S. team funded nearly $2B since 2016 and more than $630 million in loans in 2021. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.7 B Manager AUM (Trez Capital Fund Management Limited Partnership)).
