June 07, 2022
The Residences at Town Center features 27 residential units starting at just over $1 million
Tampa/St. Petersburg, Fla. – (June 9, 2022 ) Trez Capital, a private real estate lender helping to build better communities across North America, funded a $19,050,000 construction loan for a boutique luxury condominium project that will rise on the Intracoastal Waterway at 400 150th Avenue in Madeira Beach, a quaint beach community near St. Petersburg, Florida.
Trez Capital Vice President Scott Mehlman originated the loan on behalf of the borrower, Condo A Company LLC, an entity formed by the developer, William Karn Enterprises. Mehlman is based in Trez Capital’s Palm Beach, Florida office led by Executive Managing Director, Eastern U.S. Brett Forman.
“We are pleased to again help this developer achieve his vision for this phased project,” Forman said. “Madeira Beach is an example of an emerging area for new development, given its proximity to Tampa/St. Petersburg, a major metropolitan region that continues growing rapidly.”
The Residences at Town Center is the second phase of a broader plan envisioned by the developer. In 2021, Trez Capital closed a $15.61 million construction loan for the first phase, a 38-unit residential project, The Harbor at Town Center, which is 100% sold out and scheduled for delivery to buyers later this summer.
“Our borrower hit a home run with his first building, and I expect he will be equally successful with this companion project,” Mehlman said. “The demand to own new construction on the water is as strong as it has ever been. Madeira Beach is undergoing a building boom with several commercial projects in the works, but very little for-sale residential product.”
The five-story Residences at Town Center will feature 27 luxuriously appointed residences with four different floorplans, each with three bedrooms and three bathrooms. The units are designed with stone countertops, hardwood and tile flooring, stainless steel appliances, 10-foot ceilings and large walk-in closets. Amenities include a refreshing pool, fitness center, activity room and storage units. Prices start at just over $1 million.
To date, the developer has sold approximately 65% of the 27 units at the Residences. Construction has started and is expected to take up to 18 months to complete.
Trez Capital provides short-term debt and equity financing typically between six and 36 months in term, up to $100 million in loan value. In 2021, the company originated $3.9 billion in loan originations with $633 million sourced from the Southeastern U.S. region that includes offices in Palm Beach, Florida and Atlanta, Georgia. Trez Capital has nine offices across North America.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity 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, syndications, and joint ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices across North America, Trez Corporate Group has over $4* billion CAD in assets under management and has funded over 1,600 transactions totaling more than $15 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 $2.8 billion Manager AUM (Trez Capital Fund Management Limited Partnership)).