BridgeInvest Closes a $15.6 MM Refinance Loan in Westshore, Tampa
1st Priority Mortgage Loan
Loan Amount
$15,600,000
Property Type
Current Land with Planned Multifamily Development
Location
Tampa, Florida
BridgeInvest is excited to announce the closing of a $15.6 MM loan to refinance 1200 Westshore, a 4.28-acre infill land site in the Westshore District of Tampa, FL. The site is zoned via a Planned Development for a 7-story, 445k GSF building containing 398 multifamily units, a 701-space parking garage, and 7,502 SF of retail. The Sponsor has the site under contract with a national developer who will acquire the site and commence construction upon receipt of remaining entitlements/approvals from local authorities.
Transaction Highlights:
- Infill residential site within the burgeoning Westshore District of Tampa (one of the largest office submarkets in Florida with immediate proximity to Tampa International Airport)
- Creative structure for equity repatriation based on remaining entitlements and approvals
- Repeat market for BridgeInvest; established market presence and proven ability to execute
