BTI Partners, along with joint venture partner Westport Capital Partners, has scored $92 million in construction financing for its upcoming three-tower Marina Pointe development in Tampa, Fla. Bank OZK provided the loan that backs the first phase of the luxury waterfront project. Brokered by Walker & Dunlop, the deal represents one of the largest condominium loans in the city.
The property is part of the 52-acre, master-planned Westshore Marina District overlooking Tampa Bay, also developed by BTI. Located 7 miles southwest of central Tampa and just off U.S. Route 92, the ambitious large-scale project comprises two more apartment communities totaling 747 units, developed by The Related Group and Brainbridge Developers, as well as 155 for-sale townhomes by WCI Communities.
Phase I will create a 17-story tower with 120 units and 32,151 square feet of retail space, as well as 78 marina slips. Construction commenced in mid-2020 and is expected to wrap up in 2022. The other two towers to rise at the site are planned to add 227 more condominiums to the area.
The first residential tower will offer two- to five-bedroom floorplans, ranging between 1,750 and 4,500 square feet, with 10-foot ceiling heights and floor-to-ceiling windows. Individual units will have private elevators and balconies. Common-area amenities will include a fitness center, amenity deck and resident club.
Walker & Dunlop Managing Director Eric McGlynn handled the transaction. Last October, McGlynn secured financing for a recently completed residential tower in Fort Lauderdale, Fla. The $82 million bridge loan retired an existing construction debt.