$ 21.5 million construction loan confirmed for Clearwater waterfront project • St Pete Catalyst
A construction loan of approximately $ 21.5 million through Trez Capital is expected for a condominium project near Clearwater Beach.
Last week the St. Pete Catalyst reported that Largo-based Azure Development Group LP closed two vacant properties on Island Way in Clearwater that are zoned for condo development, and took out a loan.
Trez Capital, a private real estate lender with an office in Palm Beach, funded the $ 21,492,865 million construction loan for Azure’s bayfront condominium project, dubbed Azure in Clearwater.
Trez Capital’s announcement says construction of the four-story Azure The Clearwater property has already started on a 1.36 acre waterfront parcel at 415 Island Way in the Island Estates neighborhood.
“We like this project because we are seeing a strong demand for new condominiums near Clearwater Beach and there aren’t many new products under construction at the moment,” said Brett Forman, who heads operations at eastern United States for Trez Capital, in a statement. Release.
The 46-unit Azure project is being developed by Largo-based Sunwest Construction and Lumar Holdings LLC. Sunwest Construction has developed properties such as Sandpiper’s Cove and the Redington Shores Yacht and Tennis Club. Meanwhile, Lumar Holdings is the group that is developing The Avalon, a boutique vacation property in Clearwater.
The 46 units range from three- and four-bedroom apartments ranging in size from 1,552 square feet to 2,608 square feet. Modern units offer smart thermostats and light fixtures, custom European-style frameless kitchen cabinets, and a smart door entry system.
The waterfront resort would also have solar panels on the roof that will provide electricity to common areas and outdoor lighting suitable for sea turtles. According to the Azure website, there are also 15 boat ramps. boat launch on property that residents can use on a first come, first served basis.
Amenities include a swimming pool and hot tub, a gym / yoga studio, and a private meeting room.
The complex is expected to be completed in 2023.
The building is about 70% sold, according to Trez Capital.
This is the second time that Trez Capital has funded a loan for Azure.