Trez Capital, a private real estate lender helping to build better communities across North America, funded a $19,050,000 construction loan for The Residences at Town Center, a 5-story boutique luxury condominium project that will rise on the Intracoastal Waterway at 400 150th Avenue in Madeira Beach. The project is the second phase of a broader plan envisioned by the developer. In 2021, Trez Capital closed a $15.61 million construction loan for the first phase, a 38-unit residential project, The Harbor at Town Center, which is 100% sold out and scheduled for delivery to buyers later this summer.
Trez Capital Vice President Scott Mehlman originated the loan on behalf of the borrower, Condo A Company LLC, an entity formed by the developer, William Karn Enterprises. Mehlman is based in Trez Capital’s Palm Beach, Florida office led by Executive Managing Director, Eastern U.S. Brett Forman.
“We are pleased to again help this developer achieve his vision for this phased project,” Forman said. “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.
“Our borrower hit a home run with his first building, and I expect he will be equally successful with this companion project,” Mehlman said. “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.”
The Residences at Town Center will feature 27 luxuriously appointed residences with four different floorplans, each with three bedrooms and three bathrooms. The units are designed with stone countertops, hardwood and tile flooring, stainless steel appliances, 10-foot ceilings and large walk-in closets. Amenities include a refreshing pool, fitness center, activity room and storage units. Prices start at just over $1 million.
To date, the developer has sold approximately 65% of the 27 units at the Residences. Construction has started and is expected to take up to 18 months to complete.