Sarasota 55-plus living project gets financing

Trez Capital has provided a $48 million construction loan to finance the Alloro at University Groves, a new independent living community for residents aged 55 and over.

Construction on the 3415 Broadway Ave. project has begun and is expected to be completed on 6.7 acres within the next two years.

The 183-unit senior apartments and related 14,000-square-foot clubhouse are being developed by US Senior LLC, an affiliate of the United Group of Cos. of Troy, New York, whose portfolio contains two dozen such projects nationwide, including in Naples, Bonita Springs and Fort Myers, according to its website.

The market-rate development will feature amenities such as Pickleball and Bocce ball, a “resort-style” pool and sauna, movie theater, game room, hair and nail salon and fitness center.

“The Alloro is for people over 55 who live independently, want to stay active and healthy, and meet new friends who desire the same kind of lifestyle,” says Scott Mehlman, a Trez Capital vice president in the firm’s Palm Beach office, in a statement.

In all, US Senior has developed 55-plus communities in New York, Florida, Georgia, Illinois and Colorado since the 1980s. Alloro marks its first Sarasota project.

 “This borrower has an excellent reputation for developing 55-plus communities around the country, and we anticipate they will do exceptionally well in Sarasota, which has always been very attractive to well-heeled retirees,” says Brett Forman, Trez Capital’s executive managing director for the Eastern U.S., in a statement.

The Alloro loan also represents its second major Sarasota-area debt placement in the past month.

In early July, the company placed a $75.2 million loan on behalf of Unicorp National Developments, of Orlando, for the construction of the 354-unit Sota 75 apartments near Lakewood Ranch.

Founded in 1997, Trez Capital today has five offices and roughly $4 billion in assets under management.

Since its creation, the firm has funded roughly 1,500 transactions involving $12.5 billion in capital.