Pensam has provided $56 million in financing for The Floridian Club of Sarasota, a 309-unit active adult community in Venice, Fla. The floating-rate mortgage retires a $44.8 million construction financing Trez Forman Capital Group arranged in 2018.
The loan carries a three-year term with extension options and it will finance the community’s lease-up. The borrower is a joint venture between Barrington Group, Starling Group and a private investor. The partnership acquired the land in 2016 for $4.2 million, according to public records.
Located at 19600 Floridian Club Drive, the newly built community features for-rent single-story villas and bungalows with one- and two-bedroom units. Amenities include fitness and yoga centers, two swimming pools, a 10,000-square-foot clubhouse, a pet spa, optional garages and a sports bar.
The Floridian Club of Sarasota is situated across the street from a Publix supermarket, at the intersection between Jacaranda Boulevard and East Venice Avenue. Several other shopping and dining opportunities are available less than a mile away, just off Interstate 75.