August 13, 2021
PALM BEACH/COCOA BEACH, Fla. – (August 13, 2021) Trez Capital, a private real estate lender helping to build better communities across North America, funded a $20.5 million construction loan for an oceanside condominium project on Florida’s Space Coast. The Surf at Cocoa Beach features a modern architectural design with 25 luxuriously appointed residences priced between just under $1 million to $2.5 million and three retail condominiums for sale. The building is more than 70 percent sold.
The borrower is Cocoa Beach Development Group, LLC. Trez Capital Executive Managing Director, Eastern U.S. Brett Forman and Managing Director, Florida Office Ben Jacobson originated the financing transaction.
The five-story condominium is located on over two acres of pristine oceanfront property at 41 N. Atlantic Ave. in downtown Cocoa Beach. Three-to-five-bedroom units range in size from 1,700 to 4,000 square feet. The residences have 10-foot or 11-foot ceilings, large outdoor balconies and a chef’s kitchen featuring European-style cabinetry with quartz countertops. Each residence comes with its own private two-car garage.
Community amenities include a heated pool and hot tub with poolside terrace, fire pit and lounging area; fully equipped fitness center; club room and entertainment kitchen and a private boardwalk with beach access.
The entire Space Coast is seeing a sizeable uptick in the residential real estate market, with buyers coming from Orlando, California, New York and outside the U.S.
“We love this project because there is very little new construction right on the sand in the Cocoa Beach area,” Jacobson said. “The Surf is ideally positioned on the edge of the Atlantic Ocean with walkability to shopping and dining options. It provides that laid-back coastal lifestyle many people desire.”
“We like to understand the needs of a community when evaluating a lending opportunity,” Forman said. “When you look at the fact that The Surf only has a handful of units left for sale, it tells you there is strong demand for a product like this. It’s a quality project coming along at the right time.”
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. Trez Capital is on pace to originate about $2 billion in loans by year’s end, 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.
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* 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)).