Trez Capital Supplies $75M Construction Loan for Florida Luxury Apartments

reprints


Unicorp National Developments has inked $75.2 million of construction financing to build a luxury apartment complex in Sarasota, Fla., Commercial Observer can first report.

Trez Capital provided the loan, which will fund the 354-unit SOTA 75 project near Sarasota’s Lakewood Ranch community. Ben Jacobson, vice president at Orlando-based Trez, originated the loan from the company’s Palm Beach office. 

SEE ALSO: Prison Operator GEO Group to End REIT Status

“Like most cities in Florida, Sarasota is seeing strong demand for quality housing, especially in Lakewood Ranch that has been booming for the last decade-plus,” Jacobson said in a statement. “Our borrower has a very strong record delivering award-winning apartments throughout the state.”

Located at 2301 Lakewood Ranch Boulevard, SOTA 75 will feature two- and four-story buildings with detached garages consisting of studio, one-, two- and three-bedroom units. Planned amenities include a resort-style pool, outdoor fitness center, resident lounge and detached garages. It will be located within the 31,000-acre Lakewood Ranch planned community, which has a population of around 42,000 residents. 

Officials for Unicorp did not immediately respond to a request for comment. 

The SOTA 75 development adds to the growing number of multifamily projects that Trez has financed throughout Florida. It supplied a $65.7 million construction loan for a 293-unit, mid-rise rental project in Dania Beach, Fla., last month called Elevate Apartments; and, in February, Trez lent $70 million for Block 40, a 273-unit rental building in Hollywood, Fla.

“We are focused on areas that are growth-oriented with a strong business focus,” Brett Forman, Trez’s executive managing director, Eastern U.S., said in a statement. “It is important that we look at the needs of the whole community when we evaluate opportunities and Southwest Florida continues to be strong in all development areas.”