Grandview, Crosland JV Lands $40M for Tampa Project
The development will comprise 25 affordable housing units.
Co-developers Grandview Partners and Crosland Southeast have secured a $40 million construction loan for Evelyn City Lofts, a 245-unit partially affordable community in Tampa, Fla. Real Estate Finance, part of First Citizens Bank’s CIT division, provided the financing. Charlan Brock Architects designed the asset.
The Evelyn City Lofts development will comprise 25 affordable housing units, designated for low-income residents. Planned amenities include a swimming pool, a fitness center, a business center, a clubhouse, multiple common areas and a five-story covered parking garage.
Located in the Seminole Heights neighborhood at 6907 N. Nebraska Ave., the development is near multiple dining options, retail centers, entertainment venues and green areas. Nearby Route 41 and Interstate 275 provide direct access to downtown Tampa. Rowlett Park, University Mall, University of South Florida and St. Joseph’s Hospital are within a five-mile radius of the property.
First Citizens Bank recently provided a $48 million loan to Walton Street Capital for the acquisition of Dunson Grove, a 319-unit luxury community in Davenport, Fla. Additionally, First Citizens Bank and a lender syndicate were the joint lead arrangers on $65.7 million construction loan for the development of The Spark Apartments, a 211-unit multifamily community project in Redmond, Wash.