Pensam, a diversified multifamily investor, also is an owner and operator of traditional and age-restricted multifamily communities. It's not investing in the 55-plus Floridian Club, but its experience aided the loan deal.

"As an active owner-operator of active adult communities and other multifamily communities throughout the country and specifically in the west coast of Florida, we got comfortable as a bridge lender making this loan," Stein said.

Pensam issued the loan to the developer, Sarasota-based Barrington Group Inc., on Feb. 6 to replace a construction loan and finance the lease up. The three-year loan has extension options and a floating rate.

Barrington owns the property through affiliate Sarasota Floridian LLC, according to Sarasota County and state Division of Corporations records.

The Floridian Club of Sarasota started pre-leasing about a year ago and received a final certificate of occupancy around the time Pensam issued the loan, according to Stein.

The 309-unit complex sits on 48.5 acres southeast of Venice Avenue and Jacaranda Boulevard at 19600 Floridian Club Drive. It's across the street from a Publix store and about a mile from Interstate 75.

Most units are one-story, one- and two-bedroom villas with private entrances. Several multi-level bungalows also offer one- and two-bedroom units. A one-bedroom villa is 1,005 square feet, and two bedrooms range from 1,240 square feet to 1,339 square feet, according to The Floridian's website. A one-bedroom bungalow is 920 square feet, and two bedrooms range from 1,166 square feet to 1,241 square feet. One-car garages are optional. Rents range from $1,600 to $2,100 a month.

"The product type is unique. The resident profile they are targeting doesn't necessarily want to walk up flights of stairs. It's more like a home," Stein said. "A lot of these residents are transitioning from a home and are downsizing to a residential community, so this is an easy transition for the residents."

The villas offer the opportunity to live in a home that has the feel of a single-family home but for rent and without the maintenance requirements.

Community amenities include a gym, yoga studio, 10,000-square-foot clubhouse, pet spa, golf simulator and a BYOB sports bar.

"The demographics on the west coast of Florida, particularly the Sarasota County market, are heavily skewed toward this age demographic," Stein added. "The fact that they build this product at this location got us very comfortable" issuing the loan.