Allen Morris Company Secures $43 Million Construction Loan For Bayside North In Sarasota

The property asset involved in the transaction is a multifamily development located at 800 Cocoanut Avenue, Sarasota, FL. This project is part of the second phase of Bayside North, which encompasses a larger $250 million Sarasota Bayside development. The seven-story building will feature 96 units, alongside workforce housing and over 50,000 square feet of amenities across the entire complex.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $43,000,000
• Lender: Eric Cohen - Affinius Capital; Axonic Capital
• Landlord: Allen Morris & Spencer Morris - Allen Morris Co.
• Loan Type: Construction

The key individuals involved in the deal include Eric Cohen representing Affinius Capital and Axonic Capital as the lender. Allen Morris and Spencer Morris represent the landlord through Allen Morris Co., playing significant roles in securing the financing for the project.