Sunrise

Located in Hernando County, FL, roughly 40 miles north of Tampa and 50 miles west of Orlando, this loan finances the horizontal development of the first phase of the Sunrise community, which consists of 1,678 single family lots containing five different lot sizes as well as Metro’s signature Lagoon amenity. Sunrise is a master planned community with entitlements to develop 4,200 single-family homes, 50,000 SF of office, 325,000 SF of retail/commercial space, 75 motel units, 600 multifamily units, and 40,000 SF of storage to be developed on 1,385 acres of land. The Lagoon amenity, of which Metro developed the nation’s first and largest, is currently under construction across another three Lagoon communities. Situated on the gulf coast, Hernando County has seen substantial population growth in the past 10 years, rising from 173,808 in 2013 to over 200,000 by 2023. Sunrise is located immediately adjacent to the I-75 and Cortez Blvd interchange providing convenient access to downtown Tampa and is less than 10 miles from downtown Brooksville. The acquisition and development loan was finalized in April 2024.