Tampa Project Lands $92M Construction Loan
Scheduled for completion by late 2024, the mixed-income community will comprise 321 units.
A joint venture between Loci Capital and Maifly Development has secured $92 million in construction financing for the development of Tampa Heights Apartments, a 321-unit mixed-income community in Tampa, Fla.
Berkadia structured the capital stack, which comprises $71.5 million in senior debt from U.S. Bank, according to Yardi Matrix data, along with preferred equity provided by Marble Capital. Groundbreaking of the Class A property is scheduled for the first quarter of 2023 and completion is expected by late 2024.
Designed to incorporate one-, two- and three-bedroom floorplans ranging from 512 to 1,393 square feet, the community will also include 32 units designated as affordable, targeting individuals earning up to 80 percent of the AMI. As reported by the Tampa Bay Business Journal, the project initially was supposed to include 11,000 square feet of retail space.
Apartment interiors are slated to feature smart technology, stainless-steel appliances, in-unit washers and dryers, walk-in closets and granite countertops. Community amenities are expected to encompass a rooftop pool with cabanas, dog park, fitness center and meeting rooms, as well as firepits and grilling stations.
A desirable Tampa location
Located at the northeast corner of E. Oak and N. Florida avenues in an infill area, the 2.5-acre site is less than a mile from downtown Tampa and roughly 7 miles from the Tampa International Airport. The community will also be close to Interstate 275, offering access to large employers that operate within the metro, such as Baycare Health System and the MacDill Air Force Base.
Associate Director Alec Fox, along with Managing Directors Michael Weinberg and Rebecca Van Reken led the Berkadia team that arranged the financing. In prepared remarks, Weinberg referenced the Tampa multifamily market as one of the strongest in the country, citing job and population growth.