Please reload

Tampa multifam complex lands $313.52 million in construction financing

Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa-based regional office, secured new construction financing of $31.52 million for Cortona South Tampa, a 300-unit (two four-story apartment buildings and 20 two-story townhome buildings) multifamily property located at 5145 South Dale Mabry Highway in Tampa, Florida.

 

The development will also have a one-story 6,000 sq. ft. clubhouse with a resort style swimming pool and recreation areas. The transaction was structured with a 3-year term (+2-year extension) with interest only for the 3-year primary term on a 25-year amortization schedule for the 2-year extension. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

 

“The multifamily property will be situated on a 13-acre site,” explained Hernandez. “The size of the site is significant for this densely built area in South Tampa allowing the 50-50 ratio of apartments and townhomes to be a uniquely less crowded gated community.”

Share on Facebook
Share on Twitter
Please reload

Institutional investors slash CRE capital budget by 19%: Report

Ashford REIT invests in 'purification' tech to create allergy-free guestrooms

REIT to build $110M facility to house immigrants rounded up by Trump

Working in style: The corporate campus designed by Frank Lloyd Wright

Hard Rock unveils plans to revamp Trump's failed Atlantic City casino

Food tenants increasingly crucial for shopping centers: Report

Retailer Finer Fields aims to merge bricks and clicks

The Gents Place 'lifestyle club' muscling into new markets

1/2
Please reload

COMMERCIAL REAL ESTATE NEWS & CULTURE

  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon
More from Squarefootprint
Further reading

ABOUT USCONTACT • ADVERTISE • ARCHIVE

© 2017 SQUAREFOOTPRINT

  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon