South Tampa Bay Project Secures $ 52 Million Loan
Woodfield Investments has taken out a $ 52.4 million loan for the development of Waterset, a 290 unit residential project in Apollo Beach, Florida. Bank of Texas provided the financing for the construction, which expires in November 2024, Hillsborough County records show.
Located at the northeast corner of the intersection between Paseo Al Mar Boulevard and Northeast 30th Street, the community will occupy 21 acres of land. The developer acquired the plot for $ 10 million in November 2019 from Newland Communities, according to public records, and Wells Fargo has provided a $ 6 million loan to purchase the land.
The multi-family property will consist of four buildings and the amenities will include a swimming pool, clubhouse and independent closed garages. Located near the South Tamiami Trail commercial 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, South Carolina. . Argosy also provided equity financing of $ 27.8 million.