CLEARWATER BEACH, FLA. — Trez Capital has funded a $21.5 million construction loan for Azure, a 46-unit bayside condominium project in Clearwater Beach. Construction is now underway on the project, and is slated for completion by the second quarter of 2023.
Located on a 1.4-acre waterfront parcel at 415 Island Way, Azure will feature residences with prices ranging from the $600,000 to $1.1 million. The four-story building is approximately 70 percent sold. The property will offer three- and four-bedroom units that range in size from 1,552 square feet to 2,608 square feet. The units will offer smart thermostats and lighting fixtures. Community amenities will include a sun deck with swimming pool and spa tub, a gym/yoga studio and a private meeting room. There is also a private marina with 15 boat slips for sale.
Brett Forman and Scott Mehlman of Trez Capital arranged the loan for the borrower, Azure Development Group LP.