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Florida & Gulf Coast  + Senior Housing  |  February 11, 2020
David Cohen
By: David Cohen

Pensam Provides $56M Bridge Loan for Sarasota Active Adult Community

Real estate multifamily lender and investor Pensam has provided a $56 million bridge loan to replace the construction financing for the Floridian Club of Sarasota, a 309-unit, active adult community near Sarasota.

Located at 19600 Floridian Club Dr. in Venice, the resort-style community consists of for-rent single-story villas and poolside bungalows designed for an active lifestyle. The property is comprised of one and two-bedroom units with rents ranging from $1,600 to $2,100 a month. Units include open floor plans, private entrances and optional one-car garages, and a range of resort-style amenities

Pensam provided the $56 million loan to replace the construction financing on the property and provide capital for the lease-up of the newly-built community. The floating rate loan has a term of three years with extension options. The borrower was not disclosed.

Connect South Florida is coming to Key Biscayne on Feb. 26, 2020. For more information, or to register, click here.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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