354-unit SOTA 75 under development by Unicorp in booming Lakewood Ranch area
SARASOTA/PALM BEACH, FL (July 6, 2021) — Trez Capital, a private real estate lender helping to build better communities across North America, provided a $75.2 million loan to help fund construction of 354 luxury rental apartments in Sarasota, Florida. The project, known as SOTA 75 is being developed by Unicorp National Developments, Inc. in the Lakewood Ranch community.
Located at 2301 Lakewood Ranch Boulevard, the project will be composed of two- and four-story buildings with detached garages, and studio, one, two, and-three-bedroom units. Plans call for a resort-style pool, outdoor lounge fitness center, resident lounge and detached garages. Construction is expected to start in the next couple weeks.
Orlando-based Unicorp has completed more than $2.5 billion worth of real estate projects since its inception. It is a premiere developer of luxury apartments, mixed-used villages and retail centers.
Trez Capital Vice President Ben Jacobson originated the loan from the company’s Palm Beach office. The transaction closed June 30, 2021.
“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,” said Jacobson. “Our borrower has a very strong record delivering award-winning apartments throughout the state. This project will provide a good quality of life for people who desire to work and build their social lives in this popular community.”
Lakewood Ranch is a 31,000-acre planned community that covers a portion of Sarasota County and Manatee County to the north. It is home to more than 42,000 residents and over 17,000 jobs. The community features vibrant town centers, A-rated schools, a large medical center, golf clubs, nature preserves and the Sarasota Polo Club.
Trez Capital is funding numerous residential and multifamily developments throughout the state. On June 30, 2021, it provided a $64.7 million construction loan for a 293-unit mid-rise rental project in Dania Beach, Florida. In February 2021, it financed a $70 million loan for Block 40, a rental building with 273-units in Hollywood.
“We are focused on areas that are growth-oriented with a strong business focus,” said Brett Forman, Executive Managing Director, Eastern U.S. “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.”
Trez Capital provides short-term debt and equity financing typically between six months and 36 months in term ranging from $5 million up to $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, Atlanta and Palm Beach, Trez Capital has over $3.9 billion in assets under management and has funded over 1,500 transactions totaling more than $12.5 billion since inception. For more information, visit www.trezcapital.com.