Belpointe OZ secures $204 million refinance for Sarasota development

GREENWICH, CT - Belpointe PREP, LLC (NYSE American:OZ), a publicly traded qualified opportunity fund, announced Thursday it has closed on a refinance transaction of approximately $204.14 million with an affiliate of Affinius Capital LLC for its Sarasota development, Aster & Links.

The transaction will refinance existing debt and support the continued lease-up and stabilization of the newly completed property, according to a company press release. With a current ratio of 0.84, indicating short-term obligations exceed liquid assets, Belpointe OZ estimates the refinance will save the company "multiple millions of dollars per year." InvestingPro data reveals the company has achieved impressive revenue growth of 235% over the last twelve months, despite currently operating at a loss.

Aster & Links is a Class A, 424-unit multifamily property with more than 50,000 square feet of grocery-anchored retail space. The development has already leased more than 50% of its residential units and features a Sprouts Farmers Market as its retail anchor.

Located in downtown Sarasota, the property offers one-, two- and three-bedroom apartments, including two-level penthouses with premium features.

"This refinance, completed with a respected institutional partner in Affinius Capital, reflects both the quality of the asset and our ability to execute on developments that create long-term value for our investors and residents," said Brandon Lacoff, Chief Executive Officer of Belpointe OZ.

Tal Bar-Or of Lantern Real Estate Advisors + Partners arranged the financing.

Belpointe OZ currently has over 2,500 units in its development pipeline across four cities, representing an approximate total project cost of over $1.3 billion.

Affinius Capital is an integrated institutional real estate investment firm with a 40-year track record and $63 billion in gross assets under management across North America and Europe.

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