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Trez Capital Provides $22M Construction Financing for Clearwater Condo Project
Trez Capital has funded a $21.5 million construction loan for a bayside condominium project just steps from Clearwater Beach. The property features 46 residences with prices ranging from the low $600,000s to $1.1 million-plus. The building is approximately 70 percent sold.
Construction is now underway on the four-story Azure, which is located on a 1.36-acre waterfront parcel at 415 Island Way in Clearwater. Three-and-four-bedroom units range in size from 1,552 square feet to 2,608 square feet.
“We love this project because we are seeing a lot of demand for new condominiums near Clearwater Beach and there’s not much new product being built at the moment,” said Trez Capital executive managing director, Eastern U.S., Brett Forman. “With great weather, favorable tax climate, and a long coastline, I do not see Florida going out of style any time soon.”
Trez Capital’s Forman and Scott Mehlman arranged the loan for the borrower, Azure Development Group LP.
- ◦Financing
