Unicorp National Developments has inked $75.2 million of construction financing to build a luxury apartment complex in Sarasota, Florida.
Trez Capital provided the loan, which will fund the 354-unit SOTA 75 project in Sarasota’s Lakewood Ranch community. Ben Jacobson, vice president at Orlando-based Trez, started the loan from the company’s Palm Beach office.
Positioned at 2301 Lakewood Ranch Boulevard, SOTA 75 will feature two- and four-story buildings with separated garages consisting of studio, one-, two- and three-bedroom units. Planned amenities include a resort-style pool, outdoor fitness center, resident lounge, and detached garages. It will be placed within the 31,000-acre Lakewood Ranch planned community, which has a population of around 42,000 residents.
The SOTA 75 construction adds to the growing number of multifamily projects that Trez has financed throughout Florida. It supplied a $65.7 million construction loan for a 293-unit, mid-rise rental project in Dania Beach, Florida, last month called Elevate Apartments; and in February, Trez loaned $70 million for Block 40, a 273-unit rental building in Hollywood, Florida.