Essex Capital Group Advises on $13.15 Million Construction Financing for Luxury Gulf-Front Condo Development

TAMPA, FL - October 13, 2026 -- Essex Capital Group, Inc. is pleased to announce the successful closing of a $13,150,000 senior construction loan for Azure Sands, LLC, a 10-unit luxury Gulf-front condominium development in Indian Shores, Florida. Azure Sands will comprise ten residences averaging approximately 4,200 square feet on a 0.60-acre site with 100 feet of direct Gulf frontage in the Tampa Bay market.

 The sponsor held a private credit commitment for the project and engaged Essex to source bank construction financing on more competitive terms. Essex ran a competitive process among bank lenders, and managed the transaction through documentation and closing.

 The financing was structured to carry the project through construction and sell-out:

• Senior Construction Loan – $13.15 million first mortgage facility
• 36-Month Interest-Only Term – Covers the approximately 24-month construction period and unit sell-out, prepayable without penalty
• Funded Interest Reserve – Interest carry capitalized within the loan

 Construction is scheduled to begin in the fourth quarter of 2026, with completion targeted for the third quarter of 2028.

“Bank appetite for condominium construction remains selective, and the sponsor already had a private credit commitment in hand,” stated Rob Swain, President of Essex Capital Group. “Our mandate was to deliver a lower-cost bank solution, and we were able to arrange a larger loan than originally sought, with a funded interest reserve, at bank pricing.”

Azure Sands management commented: “Essex ran a disciplined process for us. They positioned the project with lenders, brought competing bank proposals to the table, and negotiated terms that meaningfully lowered our cost of capital. Rob and his team stayed with us through documentation and closing, which let us keep our attention on the project. We are now fully capitalized and ready to break ground.”

Essex Capital Group served as exclusive financial advisor to Azure Sands in connection with this transaction.