Allen Morris Secures $43M Loan For Sarasota Bayside North

Sarasota’s booming waterfront is getting another high-end neighbor, as Allen Morris Co. has locked in a $43 million construction loan to put shovels in the ground on Bayside North, a seven-story, 96-unit luxury apartment building planned just outside downtown. The second phase of the larger Bayside project is set to feature a top-floor clubhouse, a ground-level restaurant and an on-site pickleball court, with the developer saying on-site construction will move ahead this spring now that financing is in place.

Affinius Capital and Axonic Capital are supplying the construction debt, according to Commercial Observer. Eric Cohen, Affinius’s co-head of debt originations, called Bayside North “a high-quality, condo-grade asset” in a statement cited by the outlet, signaling how lenders see the project in a still-competitive rental market.

What Bayside North Will Include

The new building is expected to serve renters who want condo-style product without the for-sale commitment. Bayside North will offer one- to three-bedroom floorplans that average about 1,200 square feet, along with eight guest suites and 15 workforce housing units, according to the Business Observer. The developer says Bayside North and its neighboring phase will together deliver more than 50,000 square feet of amenity space, including courtyards, a rooftop pool and resident services aimed at creating a walkable waterfront neighborhood.

Where It Will Rise And Permitting

City planning records put the Bayside North site at 1250 10th Street and show the developer requesting a setback adjustment at a December planning-board meeting, according to the City of Sarasota. The phase is part of a roughly $250 million Bayside project that already has a 254-unit first phase under construction, and industry reporting indicates that multifamily deliveries in Southwest Florida have cooled compared with last year, according to Multi-Housing News.

Market Context

Developers and lenders say transactions like this highlight continued investor demand for upscale Sarasota rentals, even as the pace of new supply eases. Affinius described the local multifamily market as “robust” in its statement, per Commercial Observer. Coral Gables-based Allen Morris Co. also bought the Bayside North parcel itself for roughly $1.2 million in early May, according to county records reported by the Business Observer.

Next Steps And Partners

Design and development partners on Bayside North include Kimley-Horn, Hoyt Architects and DWELL Design Studio, with Longboat Group slated to handle leasing and property management, according to industry coverage. With the $43 million loan now closed, Allen Morris is positioned to move into vertical construction on the second phase while the first phase continues toward its expected spring 2027 delivery, per Multi-Housing News.