Allen Morris Co. has secured a US$43m (€38.2m) construction loan to begin development of Bayside North, a seven-storey residential scheme in Sarasota, Florida. For the building and architecture sector, the financing reflects continued investment in multifamily residential projects designed to respond to population growth and demand for amenity-led urban housing.

Business Observer reported that the project will deliver 96 apartments at 1250 10th Street near downtown Sarasota, supported through a financing partnership between Texas-based Affinius Capital and New York investment company Axonic Capital.

The development is planned as a luxury residential building with one- to three-bedroom apartments averaging 1,200 square feet. Plans include eight guest suites, 15 workforce housing units, a rooftop clubhouse overlooking Sarasota Bay and ground-floor amenities including a pickleball court and a 3,000-square-foot restaurant.

Eric Cohen, co-head of debt originations at Affinius Capital, said: “This transaction represents an opportunity to finance the development of a high-quality, condo-grade asset in a market with a robust renter base.”

W.A. Spencer Morris, president of Allen Morris Co., said: “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.”

The project expands Allen Morris Co.’s presence in Sarasota, where it is also delivering Bayside, a separate 254-unit apartment scheme expected to complete in 2027. Together, the two developments represent approximately US$250m (€222.1m) in investment and form part of the company’s wider US$3.35bn (€2.98bn) development pipeline.

The financing agreement enables construction to begin immediately as Sarasota continues to experience residential growth and urban intensification.

Read more on Bayside North’s construction financing.