February 11, 2020 Comments (0) Views: 327 Central Florida, Florida News, Top Florida

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.

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