CLEARWATER, Fla. (September 27, 2021) Trez Capital, a private real estate lender helping to build better communities across North America, funded a $21,492,865 million construction loan for a bayside condominium project just steps from Clearwater Beach, Florida. Azure features 46 residences with prices ranging from the low $600,000s to $1.1 million-plus. The building is approximately 70 percent sold.
Trez Capital Executive Managing Director, Eastern U.S. Brett Forman and Managing Director, and Vice President, Origination Scott Mehlman arranged the loan for the borrower, Azure Development Group LP. This is the second time Trez Capital has funded a loan for this developer. “It is important to our company to cultivate repeat borrower relationships, as relationships matter,” Forman said.
Construction is now underway on the four-story Azure located on a 1.36-acre waterfront parcel at 415 Island Way, Clearwater, Florida. Three-and-four-bedroom units range in size from 1,552 square feet to 2,608 square feet. Residences offer contemporary interior finishes, smart thermostats and lighting fixtures, custom European-style frameless kitchen cabinetry and an intelligent door entry system.
Community amenities include a spacious sun deck with large swimming pool and spa tub, a gym/yoga studio, and a private meeting room. There is also a private marina with 15 boat slips for sale. The property is within walking distance of the number one-ranked beach in the U.S., the Marine Aquarium and several shopping and restaurants destinations.
“We love this project because we are seeing a lot of demand for new condominiums near Clearwater Beach and there’s not much new product being built at the moment,” Forman said. “Trez Capital is proud of financing projects in high-growth areas that offer an enriching quality of life that many buyers are longing for. With great weather, favorable tax climate, and a long coastline, I do not see Florida going out of style any time soon.”
This is the second Pinellas County transaction for Trez Capital in 2021. In January, the company funded a $15.61 million construction loan for The Harbor at Town Center in Madeira Beach. The 38-unit luxury condominium is part of a larger mixed-use project consisting of two hotels, retail and restaurant space.
Trez Capital provides short-term debt and equity financing typically between six months and 36 months in term up to $100 million in loan value. Trez Capital is on pace to originate about $2 billion in loans by the end of 2021, with approximately $800 million in value being produced from the Eastern U.S. division, which includes the Palm Beach office and one in Atlanta, Georgia, which Brett Forman oversees.
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 Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, mortgage investment funds and like investment assets 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 Corporate Group has over $3.9* billion CAD in assets under management and has funded over 1,500 transactions totaling more than $13 billion CAD since inception. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez related entities as well as $2.7 B Manager AUM (Trez Capital Fund Management Limited Partnership)).
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