Benefit Street Partners Provides $82M Refi for Sarasota County Multifamily

Crescent Communities and FCP have secured $82.1 million to refinance Render Legacy Trail, a 450-unit multifamily community in Florida’s Sarasota County, Commercial Observer can first report. 

Benefit Street Partners provided the debt, structured as a three-year loan with a pair of one-year extension options. The Berkadia team of Patrick McGlohn, Brian Gould, Hunter Wood, Natalie Hershey and Patrick Cunningham arranged the transaction. 

Berkadia’s McGlohn noted in a statement that the joint venture of Crescent Communities and FCP provides “strong sponsorship,” while the Sarasota submarket is buttressed by long-term fundamentals like continued population growth and increased demand for multifamily due to supply constraints. 

“Render Legacy Trail is a high-quality, newly delivered asset in a highly desirable Sarasota submarket,” said McGlohn. 

Located on 18 acres at 15560 Render Way in Nokomis, Fla. —  a town of roughly 3,200 residents in Sarasota County — Render Legacy Trail opened in 2024. The property features a mix of one- to three-bedroom apartments and includes amenities such as an outdoor pool with cabanas, community grilling and dining areas, a fitness center, a pet park, and electrical vehicle charging stations. 

Render Legacy Trail sits near both Mission Valley Golf and County Club and Calusa Lakes Golf Club and has direct access to the Legacy Trail, an 18.5-mile hiking and running path connecting Sarasota and Venice, Fla. The property is also near Knight Trail Park, a 271-acre public park. 

“The Gulf Coast continues to see strong population growth and renter demand, particularly for well-located, amenitized communities like Render Legacy Trail,” said Berkadia’s Hershey.

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