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Â鶹ֱ²¥ & Lardner LLP served as legal advisor to Belpointe PREP, LLC (“Belpointe OZ”) (NYSE American: OZ) in securing a $204 million post-construction financing for Aster & Links, a newly constructed Class A apartment complex in Sarasota, Florida.
A portion of the transaction proceeds have been used to refinance existing debt and the remaining proceeds will support the continued lease-up and stabilization of Aster & Links, a multifamily community within a federally designated opportunity zone offering residents an elevated living experience in the heart of downtown Sarasota.
The mixed-use development property comprises 424 luxury condo-quality apartment units and approximately 50,000-square-feet of ground floor retail anchored by Sprouts Farmers Market alongside curated experiences complementing the project’s residential lifestyle. The refinance is also expected to save Belpointe OZ an estimated multiple millions of dollars per year, providing substantial ongoing financial benefit to the company and its investors.
Belpointe OZ is a publicly traded qualified opportunity fund. To date, Belpointe OZ has over 2,500 units in its development pipeline throughout four cities, representing an approximate total project cost of over $1.3 billion.
The Â鶹ֱ²¥ real estate team was led by of counsel James Zimmer with support from partners Stephen Szabo and Pamela Brown and associate Maximilian Atchity.
