Sarasota apartment project secures $43M construction loan

An apartment project near downtown Sarasota closed on a $43 million construction loan that will allow building to begin. Bayside North will provide 96 apartments at 1250 10th St.

Texas real estate investment firm Affinius Capital partnered with New York investment firm Axonic Capital on the loan, according to a statement. 

“This transaction represents an opportunity to finance the development of a high-quality, condo-grade asset in a market with a robust renter base,” Affinius Capital Co-Head of Debt Originations Eric Cohen says in the statement.

With funding secured, Coral Gables-based developer Allan Morris Co. will commence construction on Bayside North, which will be a seven-story luxury apartment building. 

An LLC tied to Allan Morris Co. purchased the 0.96-acre site for the complex for $1.2 million May 6, according to Sarasota County property records.

When complete, Bayside North will provide an “elevated residential experience that thoughtfully blends architecture, amenities and place-making in one of Florida’s most dynamic growth corridors,” Allen Morris Co. President W.A. Spencer Morris says in a statement.

Floor plans will range from one to three bedrooms and average 1,200 square feet. There will be eight guest suites and 15 workforce housing units. 

A top-floor clubhouse will feature views of Sarasota Bay, while ground-floor amenities will include a pickleball court and a 3,000-square-foot restaurant. 

Bayside North is the second project in the area for Allen Morris Co., which is also building Bayside, a 254-unit apartment complex at 850 N. Cocoanut Ave. That development is expected to be complete in April 2027. It is on a 3.5-acre site that an LLC linked to the developer purchased for $15.5 million in March 2024. 

Together, the Bayside North and Bayside projects total $250 million, according to a statement.

Allen Morris Co. develops mixed-use projects in high-growth areas across Florida and the Southeast. It has a $3.35 billion development pipeline, including 4,700 residential units.