South Tampa Bay Project Lands $52M Loan

Bank of Texas originated the senior note for the construction of the 290-unit community.
Image by Michael Gaida via Pixabay.com

Woodfield Investments has taken a $52.4 million loan for the development of Waterset, a 290-unit residential project in Apollo Beach, Fla. Bank of Texas provided the construction financing, which matures in November 2024, according to Hillsborough County records. 

Located on the northeast corner of the intersection between Paseo Al Mar Boulevard and 30th Street Northeast, the community will occupy 21 acres of land. The developer acquired the parcel for $10 million in November 2019 from Newland Communities, public records show, and Wells Fargo provided a $6 million loan for the land purchase.

The multifamily property will encompass four buildings, and amenities will include a swimming pool, a clubhouse and free-standing enclosed garages. Situated close to the South Tamiami Trail retail corridor, the development site is 4 miles from Interstate 75 and 17 miles south of downtown Tampa.

In January, Woodfield Investments partnered with Argosy Real Estate Partners to secure a $100.6 million construction loan from PCCP for Morrison Yard, a 380-unit residential development in downtown Charleston, S.C. Argosy also provided $27.8 million in equity financing.