MADEIRA BEACH, FL – Trez Capital, a private real estate lender, funded a $19,050,000 home loan for a boutique luxury condominium project located on the Intracoastal Waterway at 400 150th Ave. will be built in Madeira Beach.
Trez Capital Vice President Scott Mehlman originated the loan on behalf of borrower Condo A Company LLC, an entity founded by developer William Karn Enterprises. Mehlman is based in Trez Capital’s Palm Beach, Fla. office, under the direction of Brett Forman, Executive Managing Director, Eastern US.
“We are excited to once again help this developer realize their vision for this phased project,” said Forman. “Due to its proximity to Tampa/St. Petersburg, a large metropolitan area that continues to grow rapidly, an example of an emerging area for new developments.”
The Residences at Town Center is the second phase of a larger plan envisioned by the developer.
In 2021, Trez Capital completed a $15.61 million home loan for the first phase, a 38-unit residential project, The Harbor at Town Center, which is 100 percent sold and is scheduled to move in later this summer.
“Our borrower hit the bull’s eye with their first building, and I expect they’ll be just as successful with this companion project,” said Mehlman. “Demand for new build homes on the water is at an all time high. Madeira Beach is experiencing a construction boom with several commercial projects in the works but very little residential product for sale.”
The five-story Residences at Town Center will feature 27 luxuriously appointed residences in four floor plans, each with three bedrooms and three bathrooms. Units feature stone countertops, hardwood and tile floors, stainless steel appliances, 10-foot ceilings, and large walk-in closets.
Facilities include a pool, fitness center, activity room and storage rooms. Prices start at just over $1 million.
To date, the developer has sold about 65 percent of the 27 units in the residences.
Construction work has started and is expected to last up to 18 months.