Allen Morris Company Closes $43 Million Construction Loan with Affinius Capital and Axonic Capital For Second Phase of Bayshore Apartments in Sarasota
Allen Morris Company has closed on a $43 million construction loan from Affinius Capital LLC (“Affinius Capital”), in partnership with Axonic Capital LLC (“Axonic”), to commence development of Bayside North, the second phase of its signature $250 million Bayside project in Sarasota, Florida.
Allen Morris Company has closed on a $43 million construction loan from Affinius Capital LLC (“Affinius Capital”), in partnership with Axonic Capital LLC (“Axonic”), to commence development of Bayside North, the second phase of its signature $250 million Bayside project in Sarasota, Florida.
The financing marks a continued milestone in the advancement of the broader Bayside Sarasota master development, which is currently under construction and reshaping the city’s Rosemary District and Bayfront corridor.
“Bayside North represents the continued evolution of a truly walkable, design-forward waterfront community in Sarasota. With this second phase, we are building on the momentum of Bayside to deliver an elevated residential experience that thoughtfully blends architecture, amenities, and place-making in one of Florida’s most dynamic growth corridors,” said W.A. Spencer Morris, President of Allen Morris Co.
Affinius Capital Co-Head of Debt Originations Eric Cohen commented, “This transaction represents an opportunity to finance the development of a high-quality, condo-grade asset in a market with a robust renter base. We look forward to continuing our work alongside Allen Morris Co. and contributing to the continued success of the Sarasota Bayside project. This transaction marks the third closing in our strategic partnership with Axonic, designed to deliver mid-market first mortgage financing for new development projects.”
Phase II of Bayside will introduce a seven-story, 96-unit luxury residential building complemented by eight fully furnished guest suites, further expanding the vision for elevated waterfront living in downtown Sarasota. The residences will feature a thoughtfully curated mix of one-, two- and three-bedroom floor plans averaging approximately 1,200 square feet, alongside 15 workforce housing units that reinforce the project’s commitment to fostering a diverse and inclusive residential community.
Designed to maximize its prime waterfront setting, the building will feature a top-floor clubhouse with sweeping west-facing views of Sarasota Bay, while ground-level offerings will include a dynamic mix of active lifestyle and neighborhood-serving amenities, including a pickleball court and a 3,000-square-foot restaurant intended to enhance connectivity and activate the surrounding district. As part of the broader Sarasota Bayside masterplan, the development represents the next evolution of refined rental living in the market, with more than 50,000 square feet of amenities, a rooftop resort-style pool, lush botanical courtyards and integrated food-and-beverage programming that together create a sophisticated, lifestyle-driven alternative to traditional condo ownership.
Bayside North represents the second phase of the larger Bayside Apartments development. The initial phase, a 254-unit luxury rental community currently under construction and expected to complete in April 2027, has already established a new benchmark for design-driven residential living in Sarasota’s evolving urban core.
Allen Morris Co. continues to advance its strategy of delivering high-quality, mixed-use residential communities in high-growth urban locations across Florida and the Southeast.
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