Those projects included a $21.5 million loan for Azure near Clearwater Beach, a $16 million loan for the 34-unit Avalon Beach Club in Clearwater. Located on Treasure Island Beach, this Florida resort offers an outdoor heated pool. This is the third condominium construction loan Trez Capital has made to the same developer over the past two years for waterfront condominium projects in Pinellas County. The building will also have a lounge and a rooftop terrace.
The amenities include a swimming pool, a spa, a state-of-the-art fitness center, private elevators and beach access. A six-story building, it will have 63 exquisitely designed resort residences. The building is nearly 50% sold, according to Trez Capital. Ocean Club is a to-be-built condo hotel located in Treasure Island directly on the crystal white sands of the Gulf of Mexico. The 63 units range in price from $700,000s to the $900,000s. The units offer high-end finishes and large balconies with premium views of the beach and Gulf of Mexico. The building will feature two-bedroom/two-bathroom residences with nearly 1,000 square-feet of living space. The plan is to redevelop the hotel into a six-story boutique condo building, Ocean Club, that will open in the fourth quarter of 2022. The 55-unit, two-story resort on 1.26 acres was built in 1950 and is next to the Arvilla Resort. The developer purchased the 22,328-square-foot hotel from Clearwater-based TJM Properties. sold in a $12 million deal to Treasure Island Investment Holdings LP, which is connected to Lumar Holdings. The Treasure Island Ocean Club at 11500 Gulf Blvd. Trez Capital, a private real estate lender with an office in Palm Beach, announced it has funded a $29.2 million construction loan for the new beachfront condominium project in Treasure Island. The newly purchased Treasure Island Ocean Club will become a boutique hotel.