Agador Spartacus Lands $32M Loan for Tampa-Area BTR Community

Agador Spartacus Development has secured a $32 million construction loan for Magnolia at Spring Hill, a 162-unit built-to-rent project in Spring Hill, Fla. A partnership of North River Partners and Amzak Capital Partners provided the non-recourse funding. JLL represented the borrower and, last year, arranged the equity.

Scheduled for completion in 2025, Magnolia at Spring Hill will offer a mix of two- and three-bedroom townhomes, averaging 1,144 square feet, and two-bedroom apartment units separately.

Community amenities will include an outdoor kitchen, a fitness studio, playgrounds, a swimming pool and pickleball and basketball courts. The development is within five miles of Moffitt Cancer Center, one of the largest research centers underway in the area and some 15 away from downtown Tampa.

AS Development currently has six projects under construction in Florida, encompassing more than 1,050 units, including townhomes, cottages, villas and apartments. JLL’s Managing Director Max La Cava and Associate Pier Barinci represented the company in the transaction. Last year, the same team arranged $32.7 million in construction funding for Townhomes at Powell, another 128-unit SFR project in Wildwood, Fla.

Several built-to-rent communities are underway in Florida, including Stark Enterprises’ 454-unit Summer Pointe Village in Summerfield, Fla., with the first phase scheduled for completion in 2026. Another 266-unit casita-style project, Havens at Palm Bay, developed by Stellar Communities and Adam America Real Estate is expected the same year in Palm Bay, Fla.