DAYTONA BEACH - Trez Capital, a private real estate lender in North America, funded a $44.14 million first mortgage construction loan for a new Class A, garden-style apartment community in Port Orange--a burgeoning city near Daytona Beach. The loan will fund construction of the 288-unit development known as EDEN Crystal Lake.
EDEN Crystal Lake is being built by EDEN Multifamily, founded by industry veterans Jay Massirman, CEO of Eden Multifamily and Jay Jacobson, President and COO of Eden Multifamily. Ben Jacobson, Vice President Origination, Eastern U.S., of Trez Capital originated the loan.
Located on 19.5 acres at 1270 Reed Canal Road, EDEN Crystal Lake will have a mix of one, two and three-bedroom apartments with 9-foot ceiling heights, granite countertops, high-end appliances, walk-in closets and balconies/patios in three-story buildings. Planned amenities include a clubhouse, resort-style pool, state-of-the-art fitness center, lakefront boardwalk, dog park with a grooming station, expansive lawn areas and detached garages.
“I have known the sponsors for more than a decade,” said Brett Forman, Executive Managing Director, Eastern U.S., Trez Capital. “They have excellent reputations individually and collectively. We value the opportunity to work with their team and certainly hope it will result in a long-lasting and growing relationship. It is our goal to work with top-tier developers to help build their projects, especially in fast-growing secondary markets, which offer value and a strong quality of life.”
The EDEN Crystal Lake site is located within four miles of the pristine beaches of Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. It is also near the I-95 and I-4 highways, major retail and dining, three post-secondary educational institutions and more than 72,000 healthcare industry employees. The nearby Embry-Riddle Aeronautical University is world’s largest and most respected university specializing in aviation and aerospace, Construction of EDEN Crystal Lake is scheduled for completion in mid-2022.
“From start to finish, the team at Trez Capital was a pleasure to work with,” Jacobson said. “They were very competitive and able to close quickly, plus took the time to fully understand our vision and plan.”
This is the second transaction Trez Capital has completed in Volusia County in the past several months. In December 2020, the firm funded a $4.6 million loan to develop 141 single-family home lots for D.R. Horton.
About Trez Capital: Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, high-yield mortgage investment funds, and provides property developers and owners with quick approvals on flexible short- to mid-term financing. With offices in Vancouver, Toronto, Dallas, Palm Beach, New York and Montreal, Trez Capital has over $4.1 billion in assets under management and has funded over 1,500 transactions totaling more than $12 billion since inception. For more information, visit www.trezcapital.com