Allen Morris Lands $43M Loan for Sarasota Luxury Multifamily Project

• Allen Morris Company secured $43 million in construction financing for the second phase of Bayside North in Sarasota.
• Affinius Capital and Axonic Capital provided the debt for the luxury multifamily development.
• The waterfront Sarasota Bayside project will eventually include luxury rentals, workforce housing, and hospitality-style amenities.

What the Bayside North Financing Covers

Allen Morris Company has secured $43 million in construction financing for the next phase of Bayside North, a luxury residential development rising in downtown Sarasota. Affinius Capital and Axonic Capital provided the financing package for the seven-story multifamily project located at 800 Cocoanut Avenue. The development is part of the larger $250 million Sarasota Bayside master-planned project currently taking shape along Sarasota’s waterfront district. The newly financed phase will include 96 residential units and continue the expansion of one of the city’s largest mixed-use residential developments. According to Allen Morris Company, the broader Sarasota Bayside project is designed around walkability, waterfront living, and hospitality-driven residential experiences.

What Residents Will Get at Bayside North

The second phase of Bayside North is expected to deliver 81 luxury residences alongside eight guest suites averaging approximately 1,200 square feet. Plans also include 15 workforce housing units integrated into the development. The larger Sarasota Bayside complex will feature more than 50,000 square feet of amenities designed to compete with newer luxury multifamily communities entering Florida’s Gulf Coast markets. Amenities are expected to include a rooftop swimming pool, botanical courtyards, pickleball courts, and a 3,000-square-foot restaurant. The first phase of Bayside North, which includes 254 luxury rental units, is already under construction and is expected to open in April 2027.

What the Deal Signals for Florida Multifamily Development

The financing reflects continued lender confidence in Florida multifamily development despite tighter capital markets and elevated construction costs. Luxury rental housing remains one of the stronger-performing sectors across Florida as migration from the Northeast and other high-tax states continues supporting population growth. Sarasota in particular has emerged as one of Florida’s fastest-growing luxury residential markets because of its waterfront location, lifestyle appeal, and expanding downtown development pipeline. The transaction also marks the third deal completed through the lending partnership between Affinius Capital and Axonic Capital, which focuses on providing mid-market construction financing for new development projects. For Allen Morris Company, Sarasota Bayside represents another major mixed-use investment as developers continue targeting Gulf Coast Florida markets with hospitality-oriented residential communities.