Boynton Beach lender makes $44.8M loan for apartment construction in SW Florida

Boynton Beach-based Trez Forman Capital Group made a $44.8 million loan to finance construction of an apartment development in southwest Florida.

The borrower, Sarasota Floridian LLC, is developing a 309-unit apartment property called the Floridian Club of Sarasota, now under construction at 2445 East Venice Avenue in Venice.

Sarasota Floridian LLC is led by Starling Group director Fred Starling and by Larry Lieberman, president and founder of The Barrington Group Inc.

The Floridian Club of Sarasota is designed with 261 one-story units and 48 three-story units that range in size from 991 square feet to 1,339 square feet.

Amenities will include guest suites, a barbecue area, cafe, club room and pet spa, plus an infinity-edge swimming pool, a lap pool, and running and walking trails that encircle a conservation area.

Ben Jacobson, a senior associate of Trez Forman, originated the $44.8 million construction loan. Brett Forman, president and CEO of Trez Forman, worked with Jacobson on the financing deal.

Trez Forman is a joint venture formed last year by Vancouver-based Trez Capital Group, one of the largest private commercial mortgage lenders in Canada, and Boynton Beach-based Forman Capital. [Law.com] – Mike Seemuth