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


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. 

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“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.”