MADEIRA BEACH, FL — Trez Capital, a private real estate lender, has funded a $19,050,000 construction loan for a luxury condominium project that will rise on the Intracoastal Waterway at 400 150th Ave. at Madeira Beach.
Trez Capital Vice President Scott Mehlman issued the loan on behalf of the borrower, Condo A Company LLC, an entity formed by developer William Karn Enterprises. Mehlman is based in Trez Capital’s office in Palm Beach, Florida, led by Executive Managing Director of the Eastern United States, Brett Forman.
“We are pleased to once again help this developer achieve their 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 large metropolitan area that continues to grow rapidly.”
The downtown residences are the second phase of a larger 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 and slated to move into later this summer.
“Our borrower hit a home run with his first building, and I expect him to do just as well with this follow-on project,” Mehlman said. “The demand to own new construction on the water is stronger than it has ever been. Madeira Beach is experiencing a construction boom with several commercial projects underway, but very little residential product for sale.”
The five-story Downtown Residences will include 27 luxuriously appointed residences with four floor plans, each with three bedrooms and three bathrooms. Units are designed with stone countertops, hardwood and tile floors, stainless steel appliances, 10 foot ceilings and large walk-in closets.
Facilities include a swimming 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 residences’ 27 units.
Construction has begun and is expected to take up to 18 months.