Affinius, Axonic Provide $43M Construction Loan for Sarasota Multifamily Complex

Allen Morris Company has secured $43 million in construction financing to build the second phase of Bayside North, a seven-story, 96-unit luxury residential complex in Sarasota, Fla., Commercial Observer can first report. 

Affinius Capital and Axonic Capital provided the construction debt. No broker was listed on the transaction. 

Eric Cohen, Affinius Capital’s co-head of debt originations, described Baywide North in a statement as “a high-quality, condo-grade asset,” and noted that the Sarasota market’s rental base remains “robust.” 

“This transaction  marks the third closing in our strategic partnership with Axonic, designed to deliver mid-market first-mortgage financing for new development projects,” said Cohen

Located at 800 Cocoanut Avenue in Downtown Sarasota, Baywide North is part of a larger $250 million Sarasota Bayside project being developed by Allen Morris Company. The first phase of Bayside North, a 254-unit luxury rental community, is currently under construction and is expected to open April 2027. 

The second phase of Bayside is expected to deliver 81 luxury units, including eight guest suites that will average 1,200 square feet, as well as 15 workforce housing units. 

The entire Sarasota Bayside complex will feature more than 50,000 square feet of amenities, including a rooftop pool, botanical courtyards, pickleball courts, and a 3,000-square-foot restaurant. 

“Bayside North represents the continued evolution of a truly walkable, design-forward waterfront  community in Sarasota,” said W.A. Spencer Morris, president of Allen Morris Company.

Brian Pascus can be reached at bpascus@commercialobserver.com.