Local developer secures $19M for Madeira Beach condo project

Longtime local developer Bill Karns has hit a financial milestone for his next bold project. 

Karns, who is behind the Madeira Beach Town Center development, has secured a $19.05 million loan under the Condo A Company LLC entity to build a new boutique luxury condo community at 400 150th Ave. in Madeira Beach.

The project, dubbed the Residences at Town Center, would be the second phase of his master-planned development in Madeira Beach. The first phase was a 38-unit residential project, The Harbor at Town Center. 

The five-story Residences at Town Center will feature 27 condo units with four different floorplans, each with three bedrooms and three bathrooms.

The prices for the units start at over $1 million. The condos feature finishes such as stone countertops, hardwood and tile flooring, stainless steel appliances, 10-foot ceilings and large walk-in closets. Amenities include a pool, fitness center, activity room and storage units.  

Karns secured the loan for the Residences at Town Center through Trez Capital, a private real estate lender that has offices in Canada and the U.S.

Trez Capital Vice President Scott Mehlman originated the loan on behalf of William Karns Enterprises. Mehlman is based in Trez Capital’s Palm Beach office, which is led by Brett Forman, executive managing director of the Eastern U.S. operations. 

“We are pleased to again help this developer achieve his vision for this phased project,” Forman said in Trez Capital’s news release. “Madeira Beach is an example of an emerging area for new development, given its proximity to Tampa/St. Petersburg, a major metropolitan region that continues growing rapidly.”

In 2021, Trez Capital also worked with Karns in securing a $15.61 million construction loan for The Harbor at Town Center (the first phase of the overall development), which has sold out. 

“Our borrower hit a home run with his first building, and I expect he will be equally successful with this companion project,” Mehlman said in a statement. “The demand to own new construction on the water is as strong as it has ever been. Madeira Beach is undergoing a building boom with several commercial projects in the works, but very little for-sale residential product.”

To date, Karns has sold approximately 65% of the 27 units at the Residences. Construction has commenced and is expected to wrap up within the next 18 months.