Belpointe OZ, a Greenwich-based qualified opportunity fund, has secured a $204.1 million loan to refinance its mixed-use development in Sarasota, Florida.
The publicly traded firm said the financing, provided by an affiliate of Affinius Capital LLC, will refinance existing debt and support lease-up and stabilization of its Aster & Links property — a 424-unit luxury apartment and retail complex in downtown Sarasota.
Belpointe, led by CEO Brandon Lacoff, said the deal will generate “multiple millions of dollars” in annual cost savings and provide greater flexibility for future investments.
Belpointe is one of the few publicly traded opportunity zone funds in the country. It invests in multifamily and mixed-use projects in federally designated opportunity zones, which offer tax incentives to encourage long-term private investment in underserved areas.
Belpointe has a development pipeline of more than 2,500 residential units across four U.S. cities, representing roughly $1.3 billion in total project costs, the company said.