TAMPA/PALM BEACH, Fla..– Trez Capital, a private real estate lender doing business throughout North America, closed a $15.61 million construction loan for The Harbor at Town Center in the Tampa Bay area submarket of Madeira Beach. The Harbor at Town Center is a luxury condominium project being developed on a 4.25-acre waterfront site.
The transaction closed on Jan. 25, 2021. Town Center B Development, LLC is the borrower.
Located at 300 150th Ave., The Harbor at Town Center features 38 condos totaling 60,228 square feet and a pool. The residential building is part of a broader development that is bringing two new hotels, retail space, restaurants and new parks to Madeira Beach.
The Harbor at Town Center’s condominiums are 66% pre-sold, with sales momentum continuing throughout the pandemic.
“Waterfront residential product in Florida is always going to be in high demand, pandemic or not,” said Brett Forman, Trez Capital Executive Managing Director, Eastern U.S. “Florida’s tremendous population growth has been further accelerated by COVID-19 with the influx of out-of-state buyers relocating here. We will continue to target opportunities to underwrite projects like The Harbor at Town Center.”
Elsewhere in Florida, Trez Capital recently funded a $4.6 million lot development loan for a new residential community in Central Florida’s Deland. It also announced the successful payoff of an $80 million construction loan for the mixed-use Truist Plaza (f/k/a SunTrust Plaza) project in downtown Orlando.
Trez Capital provides short-term debt and equity financing typically between six months and 36 months in term ranging from $5 million to more than $100 million in loan value.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, high-yield mortgage investment funds, and provides property developers and owners with quick approvals on flexible short- to mid-term financing.
With offices in Vancouver, Toronto, Dallas, Palm Beach, New York and Montreal, Trez Capital has over $4.1 billion in assets under management and has funded over 1,500 transactions totaling more than $12 billion since inception. For more information, visit www.trezcapital.com.