US Senior LLC has received $48 million in construction financing from Trez Capital to build an active adult community in Sarasota, Florida. The Alloro at University Groves, a 183-unit complex set to be built on six acres, will receive the financing. The project is currently in progress and is expected to be completed in around two years.
Trez Capital’s vice president of origination, Scott Mehlman, originated the loan, which is the firm’s second residential construction loan in Sarasota in the last month. SOTA 75, a 354-unit luxury apartment rental development near Sarasota’s Lakewood Ranch community, also received a $75 million construction loan on June 30.
For more than 35 years, US Senior, a subsidiary of United Group of Companies, has built and maintained senior living facilities in New York, Florida, Georgia, Illinois, and Colorado. This is the firm’s first venture into the Sarasota market.
