Know
$21.5M construction loan is confirmed to be for Clearwater waterfront project
A roughly $21.5 million construction loan through Trez Capital is slated for a condominium project near Clearwater Beach.
Last week, the St. Pete Catalyst reported that Largo-based Azure Development Group LP closed on two vacant properties on Island Way in Clearwater that are zoned for condo development, and took out a loan.
Trez Capital, a private real estate lender with an office in Palm Beach, funded the $21,492,865 million construction loan for Azure’s bayside condominium project dubbed Azure at Clearwater.
Trez Capital’s announcement states that construction for the four-story Azure Clearwater property has already started on a 1.36-acre waterfront parcel at 415 Island Way in the Island Estates neighborhood.
“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,” Brett Forman, who leads operations in the Eastern U.S. for Trez Capital, said in a press release.
The 46-unit Azure project is being developed by Largo-based Sunwest Construction and Lumar Holdings LLC. Sunwest Construction has developed properties such as the Sandpiper’s Cove and the Redington Shores Yacht and Tennis Club. Meanwhile, Lumar Holdings is the group developing The Avalon, a boutique vacation property in Clearwater.
The 46 units range from three-and-four-bedroom apartments that range from 1,552 square feet to 2,608 square feet. The modern units offer smart thermostats and lighting fixtures, custom European-style frameless kitchen cabinetry, and an intelligent door entry system.
The waterfront complex will also reportedly have rooftop solar panels that provide electricity to common areas and sea turtle-friendly outdoor lighting. There are also 15 boat slips at the property that residents can use on a first-come, first-serve basis, according to Azure’s website.
The amenities include a swimming pool and spa tub, a gym/yoga studio and a private meeting room.
The complex is expected to be completed in 2023.
The building is approximately 70% sold, according to Trez Capital.
This is the second time Trez Capital has funded a loan for Azure.
