Trez Capital Lends $48M for Alloro Senior Apartments in Sarasota

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US Senior has nabbed $48 million of construction financing to build a rental community in Sarasota, Fla., for adults over the age of 55, Commercial Observer has learned.

Trez Capital is providing the construction loan for The Alloro at University Groves, a 183-unit apartment complex to be constructed on six acres. The project is underway and expected to be completed in roughly two years.

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Scott Mehlman, vice president, origination, at Trez Capital, originated the loan from the company’s Palm Beach, Fla., office.

Located at 3415 Broadway Avenue, the development will feature three four-story buildings and a 14,000-square-foot clubhouse. Planned amenities include bocce and pickleball courts, a swimming pool, sauna, movie theater, game room, salon and gym. There will also be staff on-site to lead classes and coordinate social activities. 

“We really love this project because it is unique for Sarasota,” Mehlman said in a statement. “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.” 

Troy, N.Y.-based US Senior, a subsidiary of United Group of Companies, has developed and managed independent senior living facilities for more than 35 years with properties in New York, Florida, Georgia, Illinois and Colorado. This marks 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,” Brett Forman, Trez Capital’s executive managing director, Eastern U.S., said in a statement. “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.”  

The Alloro loan is the second transaction that Trez Capital has executed on a new residential development in Sarasota during the past month. On June 30, it funded a $75 million construction loan for SOTA 75, a 354-unit luxury apartment rental community near Sarasota’s Lakewood Ranch community, as first reported by CO.

Andrew Coen can be reached at acoean@commercialobserver.com.