Trez Capital, a private real estate lender helping to build better communities across North America, funded a $21,492,865 million construction loan for a bayside condominium project just steps from Clearwater Beach, Florida. Azure features 46 residences with prices ranging from the low $600,000s to $1.1 million-plus. The building is approximately 70 percent sold.  

Trez Capital Executive Managing Director, Eastern U.S. Brett Forman and Managing Director, and Vice President, Origination Scott Mehlman arranged the loan for the borrower, Azure Development Group LP.  This is the second time Trez Capital has funded a loan for this developer. “It is important to our company to cultivate repeat borrower relationships, as relationships matter,” Forman said.

Construction is now underway on the four-story Azure located on a 1.36-acre waterfront parcel at 415 Island Way, Clearwater, Florida.  Three-and-four-bedroom units range in size from 1,552 square feet to 2,608 square feet. Residences offer contemporary interior finishes, smart thermostats and lighting fixtures, custom European-style frameless kitchen cabinetry and an intelligent door entry system.  

Community amenities include a spacious sun deck with large swimming pool and spa tub, a gym/yoga studio, and a private meeting room. There is also a private marina with 15 boat slips for sale. The property is within walking distance of the number one-ranked beach in the U.S., the Marine Aquarium and several shopping and restaurants destinations.   

“We love this project because we are seeing a lot of demand for new condominiums near Clearwater Beach and there’s not much new product being built at the moment,” Forman said.   “Trez Capital is proud of financing projects in high-growth areas that offer an enriching quality of life that many buyers are longing for. With great weather, favorable tax climate, and a long coastline, I do not see Florida going out of style any time soon.”   

This is the second Pinellas County transaction for Trez Capital in 2021.  In January, the company funded a $15.61 million construction loan for The Harbor at Town Center in Madeira Beach. The 38-unit luxury condominium is part of a larger mixed-use project consisting of two hotels, retail and restaurant space.

Trez Capital provides short-term debt and equity financing typically between six months 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 the Palm Beach office and one in Atlanta, Georgia, which Brett Forman oversees.  

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.