Sarasota apartment secures $204M in refinancing

Opportunity fund Belpointe OZ (NYSE: OZ) closed this week on a more than $200 million loan to refinance its flagship development, Aster & Links on Main Street in Sarasota.

Greenwich, Connecticut-based OZ used an affiliate of Affinius Capital of San Antonio, Texas, to refinance $204.14 million for Aster & Links, which contains 424 apartments as well as 50,000 square feet of commercial space, according to a statement.

Part of the proceeds from the transaction have been used to refinance existing debt, with the remainder supporting the continued lease-up and stabilization of Aster & Links. The refinance is expected to save OZ millions of dollars a year, according to the statement.