Trez Capital Provides $48M Construction Loan for Active-Adult Community in Sarasota
Private real estate lender Trez Capital has provided a $48 million construction loan for Alloro at University Groves, a 55-plus rental community in Sarasota.
The community will be located on nearly seven acres at 3415 Broadway Ave. in Sarasota. Construction is underway and the project is expected to be delivered in approximately two years. The Alloro will feature three four-story buildings with 183 apartments offered at market rates and a 14,000-square-foot clubhouse that will be the focal point of active living. Community amenities will include Bocce Ball and Pickleball courts, resort-style pool and sauna, movie theater, game room, hair and nail salon and a gym.
Scott Mehlman of Trez Capital originated the loan from the company’s Palm Beach office. The borrower was US Senior LLC, which has been developing and managing independent senior living facilities for more than 35 years.
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.