February 11, 2020
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.
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