October 19, 2021
ST. PETERSBURG/PALM BEACH, Fla. – Trez Capital, a private real estate lender helping to build better communities across North America, funded a $29,216,596 construction loan for a boutique condominium project on the beach near St. Petersburg, Florida. Ocean Club features 63 units with prices ranging from $700,000s to $900,000s. The building is nearly 50 percent sold and expected to be completed in the fourth quarter of 2022.
Trez Capital Executive Managing Director, Eastern U.S., Brett Forman and Vice President, Origination, Scott Mehlman originated the loan for the borrower, Treasure Island Investment Holding LP.
Construction is now underway on the six-story Ocean Club located on a 1.26-acre parcel in the small coastal city of Treasure Island at 11500 Gulf Blvd. The building features two-bedroom/two-bathroom residences with nearly 1,000 square-feet of living space. The units offer high-end finishes and large balconies with premium views of the beach and Gulf of Mexico.
Common area amenities include a swimming pool, relaxing spa, state-of-the-art fitness center, private elevators and beach access. The building will also have a lounge with food-and-beverage service, and a rooftop terrace for residents to enjoy a spectacular sunset. Numerous shopping and dining options are easily walkable from the property.
“Our borrower is meeting the frenzied demand for waterfront living in a part of Florida that is known for its wide, sandy beaches, a slower pace of life and breathtaking views,” Forman said. “The Ocean Club is ideally positioned to attract buyers looking for a full-time residence or a vacation home.” Forman continued: “As a lender, we seek to work with developers who specialize in a market and really know what their customers want, and this is a perfect example.”
This is the third condominium construction loan Trez Capital has made to the same developer over the past two years for waterfront condominium projects in Pinellas County.
In September 2021, the private lender funded a $21.5 million loan for Azure near Clearwater Beach. In September 2019, Trez Capital closed on a $16 million loan for the 34-unit Avalon Beach Club, a condo-hotel project in Clearwater. In January 2021, Trez provided $15.61 million in construction financing for a new development called The Harbor at Town Center, constructed by a different developer in Madeira Beach.
Trez Capital provides short-term debt and equity financing typically between six 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 offices in Palm Beach and Atlanta.
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 across North America, 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).