Joint Venture Closes on The Slade

HFF has closed the sale of and arranged joint venture equity and acquisition financing for a 214-unit, eight-story bulk condominium transaction in downtown Tampa.
The Slade Tampa

The Slade

A 214-unit, eight-story condominium called The Slade changed hands recently in downtown Tampa.

HFF closed on the sale of the property and arranged joint venture equity and acquisition financing for the transaction. Their Tampa-based multi-housing team marketed the offering on behalf of Crescent Heights, led by Managing Director Matt Mitchell.  HFF’s capital markets team led by Director Chris Drew arranged a joint venture between Cardinal Point Management and Long Wharf Real Estate Partners, which purchased the multifamily property.

The same team worked on behalf of the new owners to place fixed-rate acquisition financing with CapitalSource, a division of Pacific Western Bank. The offering included 214 of the 294 total condominium units and 11,613 of the 13,193 square feet of ground floor retail space. The purchase price remained undisclosed.

Located at 1190 East Washington St. in the city’s Channelside neighborhood, the property was completed in 2009 and features two eight-story residential towers. The one-, two- and three-bedroom floor plans average 935 square feet in size. The list of common-space amenities includes an infinity swimming pool with spa, a two-story fitness center with yoga room, club room, cyber café, 24-hour concierge service and an attached, six-story parking garage.

Image via RentCafe