Apartment complex in Sarasota County refinanced for $82M

A recently completed apartment complex in Sarasota County has been refinanced. Financial services firm Berkadia secured the $82.1 million loan for Render Legacy Trail in Nokomis, which was built in 2024, according to a statement.

Off State Road 681, Render Legacy Trail contains 450 apartments on about 18 acres at 15560 Render Way. It contains one, two and three-bedroom floor plans with an average size of more than 930 square feet. Apartments feature granite countertops, steel appliances, vinyl plank flooring, in-unit washers and dryers, private patios or balconies and entryway mudrooms with built-in storage.

Among the amenities are a saltwater pool; fitness center; outdoor grilling and dining areas; coworking spaces; club room with coffee bar; pickleball courts; pet park; EV charging stations; outdoor social and activity spaces; and direct access to the Legacy Trail, a more than 18-mile recreational path connecting Sarasota and Venice.

North Carolina-based developer Crescent Communities and Maryland-headquartered investment firm FCP built Render Legacy Trail as a joint venture, with lending from Wells Fargo, the Business Observer previously reported.

FCP purchased the property in Nokomis for $13.2 million in 2022 through an LLC. Construction began in 2023.

On behalf of Crescent Communities and FCP, a team from Berkadia’s D.C. Metro office handled the recent refinancing, including Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Director Hunter Wood, Associate Director Natalie Hershey and Vice President Patrick Cunningham.

New York-based lender Benefit Street Partners provided the three-year loan with two one-year extension options, according to the statement.

“Render Legacy Trail is a high-quality, newly delivered asset in a highly desirable Sarasota submarket,” McGlohn says in thr statement. “The strength of the sponsorship — combined with the property’s quality, location and long-term fundamentals of the Sarasota market — generated strong lender interest and a competitive execution.”