Florida-based Trez Forman Capital Group has completed a $44.8 million loan to finance construction of a new maintenance-free residential community in Southwest Florida geared towards baby boomers. The loan, which closed Thursday, February 1st, was originated by Trez Forman’s Ben Jacobson. The borrower is Sarasota Floridian, LLC led by Larry Lieberman and Fred Starling.
Sarasota Floridian, LLC is developing a 309-unit active-adult project called The Floridian Club of Sarasota in Venice, Florida. Plans call for 261 spacious single-story attached villas and 48 three-story units served by elevator. All have 1-2 bedrooms and 1-2 baths.
Floor plans range in size from 991 square feet to 1,339 square feet. The villas offer an optional one-car garage.
The Floridian Club is replete with resort-style amenities including an infinity-edge pool and separate lap pool, fitness center, café, club room, pickleball courts, guest suites, business center, outdoor barbecue area, pet spa and walking/running trails that encircle a conservation area. The gated community is located at 2445 East Venice Avenue, Venice, Florida 34292.
All of the units are available for long-term leases between 2 and 10 years. The program is designed for active baby boomers who desire the flexibility to travel or live up north part of the year. The community is not age restricted, however.
“We are bullish on housing aimed at baby boomers,” said Brett Forman, CEO of Trez Forman. “As more and more enter retirement, they will be looking for lifestyles like the one The Floridian Club offers. And many people in this older demographic will be more interested in renting vs owning like they have in years past.”
In fact, a recent report from Harvard University indicated through 2035, 1.6 million older-adult households will move into rental properties each year compared to 825,000 who will choose to own.
Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group – one of Canada’s largest private commercial mortgage lenders. It provides commercial bridge loans for development and construction and senior stretch financing starting at $5 million.
The venture also offers private and institutional investors equity investment opportunities in a variety of funds and assets. This year, Trez Forman expects to originate more than $300 million worth of loans.
About Trez Forman Capital Group:
Founded in 2016, Trez Forman Capital is a Florida-based commercial bridge lender for development and construction, senior stretch first mortgages and special situations nationwide. It provides developers and property owners with quick approvals on flexible short to mid-term financing from $5M to $75M. The company also offers private and institutional investors equity investment opportunities in a variety of funds and assets. Trez Forman is a joint venture between Brett Forman’s mortgage lending firm, Forman Capital, and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders. For more information, visit www.trezforman.com.