VENICE, Fla. — Pensam has provided $56 million in financing for the Floridian Club of Sarasota, an active adult community in Venice, located on the Gulf Coast approximately 70 miles south of Tampa.
The loan replaces the construction financing on the property and provide capital for the lease-up of the newly built, 309-unit property. The floating-rate loan has a term of three years with extension options.
The community is made up of for-rent, single-story villas and poolside bungalows. The property comprises one- and two-bedroom units with rents ranging from $1,600 to $2,100 a month.