Trending Multifamily News
Borrower to redevelop office buildings in Springdale, Ohio into 129 multifamily units, 97 rental townhomes
CINCINNATI, Ohio – Trez Capital, a private real estate lender helping to build better communities across North America, funded a $37,344,445 construction loan for the Merchant Street project in Springdale– a suburb of Cincinnati, Ohio. The borrower is using the financing to redevelop two recently acquired office buildings into a multifamily project with 129 apartments and 97 rental townhomes.
Trez Capital Executive Managing Director, Eastern U.S., Brett Forman and Vice President, Origination, Scott Mehlman originated the loan for the borrower, Trinity Square Holdings, LLC. The transaction closed on December 14, 2021.
The office buildings were constructed on the 10.85-acre site during the early 1980s. They were vacant at the time of the borrower’s acquisition.
“Demand for multi-family in suburban Cincinnati is strong, while the office market has been sluggish,” Forman said. “This redevelopment will add much-needed multi-family product to the area and enhance the broader community and tax base.”
The Warren County Port Authority is investing approximately $8,000,000 into the project.
“Expect to see more office-to-multi-family conversions in the year ahead, as older office buildings become obsolete,” Forman said. “We are seeing it with aging and poorly located retail properties, so there is precedent for these multi-family redevelopment plays.”
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 $650 million in value being produced from the Eastern U.S. division, which includes offices in Palm Beach and Atlanta.
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.
The “The Julia,” a $100 million, 14-story residential tower named for real estate pioneer and “Mother of Miami” Julia Tuttle, will deliver 323 apartments, offering “attainable luxury” to Miami’s growing urban population
Neology Life Development Group, led by Lissette Calderon, announces that it has begun construction on its second, lifestyle-driven residential community in Miami’s historic Allapattah neighborhood.
Now under construction, “The Julia” (formerly No. 16 Residences) is a $100 million, 14-story residential tower that will deliver 323 upscale one- and two- bedroom apartments to one of the city’s most historic and vibrant neighborhoods.
Located at 1625 NW 20th Street, The Julia is situated just a few blocks from Neology’s first Allapattah apartment development, No. 17 Residences, which opened in May of 2021 and leased up in record time. Allapattah, which includes Miami’s Health District and borders Wynwood, has quickly become one of Miami’s most sought-after urban territories, boasting a cluster of new cultural institutions (including the Rubell Museum and Superblue) as well as many new small businesses, restaurants and nightlife establishments.
“The Julia will offer a curated, one-of-a-kind modern residential living experience with cutting-edge amenities that will appeal to a diverse cross-section of today’s urban renters,” said Lissette Calderon, President and CEO of Neology Life Development Group. “The building has been thoughtfully designed, inside and out, to reflect the area’s unique history and character, and we hope as a result it will become a beloved and integral piece of the community’s fabric for many years to come.”
“This is an exciting milestone for Allapattah,” added Miami City Commissioner Alex Diaz de la Portilla. “High-quality housing options are key to our community’s success and projects like The Julia provide that. Moreover, Lissette Calderon and her team at Neology are experienced in building authentic, vibrant communities, and have a deep appreciation for Allapattah’s history, culture and mom-and-pop businesses. They will be valued, long-term partners in helping us achieve measured growth that benefits and inspires all Miamians.”
Calderon added, “Over 20 years ago, I started on this journey to deliver quality lifestyle-driven attainable luxury living to Miamians who were being priced out, and to help some of Miami’s most overlooked neighborhoods realize their full potential. I’ve had the honor of watching this transformation unfold in the Miami River District, where we started, and we see the same potential in Allapattah, one of Miami’s last remaining authentic urban neighborhoods. We chose to name our second Allapattah development after Miami’s founding mother, Julia Tuttle, who is a personal hero of mine – and because we hope it stands as a beacon to every young woman with big dreams. With hard work, grit and sacrifice, they can achieve anything.”
Inspired by Miami’s original real estate visionary, American businesswoman Julia Tuttle, The Julia will embrace a “tropics-meets-metropolis” aesthetic combining elements of Art Deco with 1950s-style glam. Interior common areas will feature neoclassical elements such as brass accents, wood details and colorful mosaics alongside bright, botanical patterned wallcoverings and other fun, punchy colorful elements for a mood that is romantic, sophisticated and timeless.
The property will offer a mix of one- apartments and two-bedroom apartments ranging from 600 to 1,00 square feet. Unit interiors will feature energy efficient, stainless-steel appliances, quartz countertops, European-inspired cabinetry, in-home washer and dryers, expansive views, and balconies in all units.. Amenities at The Julia will include a ninth-floor Sky Lounge with resort-style pool deck, clubroom, and wellness center, and 15,000 square feet of street-level retail space.
The Julia is centrally located just a few blocks from the Civic Center Metrorail Station, the University of Miami Health System, Jackson Memorial Hospital, and Miami-Dade College Medical Center. The property is just a short car or public transit ride away from both Brickell and Downtown, home to several large employers and dining and shopping destinations, along with popular attractions such as Marlins Park, American Airlines Arena, the Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami and Frost Museum of Science, and the new Brightline commuter rail station connecting Miami to Fort Lauderdale, West Palm Beach, and eventually Orlando.
Neology intends to break ground on a third Allapattah residential community in the coming months, bringing its portfolio up to 1,200 apartments throughout Miami.
The general contractor for The Julia is JAXI Builders, Inc.; the architect is Behar Font Architects; interior design is by designBAR; and Witkin Hultz Design is the landscape architect. Berkadia arranged construction financing for The Julia; Trez Capital originated a $78.19 million loan. Bilzin Sumberg and GT Law provided legal counsel.
MIAMI, Fla. – Trez Capital, a private real estate lender helping to build better communities across North America, funded a $78,197,393 construction loan for a 323-unit mid-rise apartment building in Miami’s emerging Allapattah neighborhood. The borrower is Neology Life, a development company led by Lissette Calderon, who has focused her work transforming the Miami River district.
Trez Capital Managing Director Ben Jacobson originated the loan, which closed on October 12, 2021. Construction has already begun, with the project set to be delivered in mid-2023.
Allapattah sits just northwest of downtown Miami and abuts the famed Wynwood district to the east, offering easy access to major highways and employment centers. The 12-story project, known as The Julia, is located at 1625 NW 20th St. The name pays homage to Julia Tuttle, known as the “Mother of Miami”, who is credited with being the only female founder of a major American city.
The building will feature a mix of one- and two-bedroom units ranging in size from 586 square feet to 892 square feet. Residents will have access to a host of amenities including a pool with cabanas, rooftop garden with outdoor living, fitness and wellness center, coffee bar, dog park and virtual concierge.
“Lissette Calderon is a pioneering developer who has been extremely successful revitalizing the Miami River district and now breathing new life into Allapattah, one of Miami’s oldest neighborhoods,” Jacobson said. “We are delighted to partner on this exciting project by providing financing for a development that is sure to capture intense interest from the public.”
Groundbreaking for The Julia comes just months after Calderon delivered her first apartment in Allapattah, a 13-story, 192-unit attainable luxury project called No. 17 Residences.
The multifamily market continues to sizzle in South Florida, with rent increases expected to grow between 8% and 9% over the next year, according to CoStar Group. Another report from Realtor.com says South Florida is the third-fastest growing rental market in the U.S.
“When we evaluate lending opportunities, we focus on the needs of a community and the track record of the developer,” Jacobson said. “Partnering with Lissette and understanding her vision, we think Allapattah is perfectly positioned to attract nearby working professionals and families who desire a certain level of luxury living but are priced out of places like Brickell, downtown and Wynwood.”
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 offices in Palm Beach, Florida and Atlanta, Georgia.
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 Surf features 25 luxurious residences starting near $1 million
PALM BEACH/COCOA BEACH, Fla. – (August 20, 2021) Trez Capital, a private real estate lender helping to build better communities across North America, funded a $20.5 million construction loan for an oceanside condominium project on Florida’s Space Coast. The Surf at Cocoa Beach features a modern architectural design with 25 luxuriously appointed residences priced between just under $1 million to $2.5 million and three retail condominiums for sale. The building is more than 70 percent sold.
The borrower is Cocoa Beach Development Group, LLC. Trez Capital Executive Managing Director, Eastern U.S. Brett Forman and Managing Director, Florida Office Ben Jacobson originated the financing transaction.
The five-story condominium is located on over two acres of pristine oceanfront property at 41 N. Atlantic Ave. in downtown Cocoa Beach. Three-to-five-bedroom units range in size from 1,700 to 4,000 square feet. The residences have 10-foot or 11-foot ceilings, large outdoor balconies and a chef’s kitchen featuring European-style cabinetry with quartz countertops. Each residence comes with its own private two-car garage.
Community amenities include a heated pool and hot tub with poolside terrace, fire pit and lounging area; fully equipped fitness center; club room and entertainment kitchen and a private boardwalk with beach access.
The entire Space Coast is seeing a sizable uptick in the residential real estate market, with buyers coming from Orlando, California, New York and outside the U.S.
“We love this project because there is very little new construction right on the sand in the Cocoa Beach area,” Jacobson said. “The Surf is ideally positioned on the edge of the Atlantic Ocean with walkability to shopping and dining options. It provides that laid-back coastal lifestyle many people desire.”
“We like to understand the needs of a community when evaluating a lending opportunity,” Forman said. “When you look at the fact that The Surf only has a handful of units left for sale, it tells you there is strong demand for a product like this. It’s a quality project coming along at the right time.”
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. Trez Capital is on pace to originate about $2 billion in loans by year’s end, 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.
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 Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, mortgage investment funds and like investment assets 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 Corporate Group has over $3.9* CAD in assets under management and has funded over 1,500 transactions totaling more than $13 billion CAD since inception. 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)).
