Updated Oct 14, 2026
Allen Morris Co Secures $43 Million Construction Loan For Bayside North Development In Sarasota
1250 10th Street
$43,000,000
Units
96
Asset Type
Development Site
Closing
Jun 4, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 1250 10th Street in Sarasota, FL. The development site is part of the $250 million Bayside North project, which includes a construction loan amount of $43 million. The specific development will consist of a seven-story, 96-unit waterfront residential building, incorporating amenities and workforce housing. This project is part of the broader master-planned community that is transforming the city’s Rosemary District and bayfront corridor.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $43,000,000
- Lender: Eric Cohen - Affinius Capital; Axonic Capital
- Landlord: Spencer Morris - Allen Morris Co
The lenders involved in this deal include Affinius Capital, represented by Eric Cohen, and Axonic Capital. The landlord, Spencer Morris, is associated with the Allen Morris Company, which has initiated this construction loan to commence Phase II of the Bayside North development.
On the Map
$43,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93