Belpointe OZ Secures $130 Million Construction Loan from Bank OZK for Sarasota Development Project—Aster & Links
Sarasota, FL, June 07, 2023 (GLOBE NEWSWIRE) -- Belpointe PREP, LLC (NYSE American: OZ) ("Belpointe OZ" or the “Company”), the first publicly traded qualified opportunity fund, today announced the successful closing of a $130 million construction loan from Bank OZK, for the Company’s highly anticipated development project in Sarasota, Florida.
The Aster & Links development project will feature two 10-story high-rise buildings, and is expected to consist of 424 apartment homes that range from one-bedroom, two-bedroom, and three-bedroom apartments to four-bedroom townhome-style penthouses, catering to a variety of modern lifestyle preferences.
Aster & Links is intended to become a benchmark for elevated living, boasting over 900 parking spaces, including both garage and surface parking options, and will offer a comprehensive array of amenities, including a clubroom, fitness room, center courtyard with a heated saltwater pool, and an exceptional selection of rooftop amenities. The rooftop spaces will feature community rooms, private dining areas for exclusive events, outdoor grills, and comfortable seating, providing residents with picturesque views and a delightful retreat.
"We are excited to have secured this construction loan from Bank OZK for our Sarasota development project, Aster & Links," said Brandon Lacoff, CEO of Belpointe OZ. "I believe this financing milestone, showcases the strong support and confidence of the lending community in our vision. I also believe that Aster & Links will redefine luxury living in Sarasota, offering an unparalleled residential experience that combines exceptional design, modern amenities, and a thriving community atmosphere."
Belpointe OZ is currently developing several other properties throughout the north and southeastern United States and is actively seeking new investment opportunities. This announcement is one of many exciting developments to come for Belpointe OZ, and the Company looks forward to continuing to drive growth and value for its investors in the years ahead.
About Belpointe OZ
Belpointe OZ is a publicly traded qualified opportunity fund, listed on NYSE American under the symbol “OZ.” To date, Belpointe OZ has raised more than $345 million of equity capital in its ongoing qualified opportunity fund offering, with over 2,500 units in its development pipeline throughout four cities, representing an approximate total project cost of over $1.3 billion.
Belpointe OZ is currently developing several other properties throughout the north and southeastern United States and is actively seeking new investment opportunities. This announcement is one of many exciting developments to come for Belpointe OZ, and the Company looks forward to continuing to drive growth and value for its investors in the years ahead. For more information, visit investors.belpointeoz.com.
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended March 31, 2023, RESG originated approximately $40.4 billion in new loans. For more information, visit www.ozk.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered forward-looking, such as statements containing estimates, projections and other forward-looking information. Forward-looking statements are typically identified by words and phrases such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” or the negative of such words and other comparable terminology. However, the absence of these words does not mean that a statement is not forward-looking. Any forward-looking statements expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and involve risks, uncertainties and other factors beyond our control. Therefore, we caution you against relying on any of these forward-looking statements. Actual outcomes and results may differ materially from what is expressed in any forward-looking statement. Except as required by applicable law, including federal securities laws, we do not intend to update any of the forward-looking statements to conform them to actual results or revised expectations.
Investor Relations and Media Contact:
Cody H. Laidlaw
Belpointe PREP, LLC
255 Glenville Road
Greenwich, Connecticut 06831
IR@belpointeoz.com
203-883-1944
