March 5, 2021

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Florida True Estate Developer Secures $92M Development Financial loan for Luxurious Condo Tower on Tampa Bay

4 min read
Fort Lauderdale-dependent BTI Associates, a genuine estate progress firm, has secured a $92 million development financial loan for stage a single of Marina Pointe, a high-class waterfront 3-tower improvement together Tampa Bay. Financial institution OZK is the loan provider. Walker & Dunlop Handling Director Eric McGlynn in Miami organized the building funding.

Marina Pointe, presently under design in the heart of Westshore Marina District, is the result of a joint undertaking in between BTI Companions and Westport Money Companions, primarily based in Stamford, Connecticut. Westshore Marina District is a 52-acre combined-use local community that celebrates Tampa’s waterfront way of life and embraces a healthful living.

The transaction, involving one of the biggest rental development loans in Tampa, shut in late December. Marina Pointe’s period 1 is made up of a 120-device, 17-story rental tower, 78 marina slips and 32,151 sq. ft of retail. BTI Associates broke floor on the initially tower in the summer season and it will be completed in 2022. Marina Pointe will sooner or later involve two a lot more towers totaling 227 residences and more marina slips.

“Marina Pointe has lifted the bar for Tampa / St. Pete’s waterfront living, boosting demand for luxurious condos in this market place,” claimed BTI Companions CEO Noah Breakstone. “Considering that the onset of the pandemic, people from the Northeast and the Midwest have been shifting to the Tampa market. This migration has further more fueled added need for Marina Pointe, the place inhabitants can appreciate the secure outdoor, direct entry to waterfront trails and places to eat as properly as other resort-design features. To best it off, if you are a boater, Marina Pointe is the only new luxurious condo with a non-public marina in the Tampa / St. Pete marketplace.”

Situated south of downtown Tampa, the waterfront area signifies a unique presenting for homebuyers hunting for luxurious facilities, a personal marina and walkable way of life. Westshore Marina District features 1.5 miles of waterfront going for walks trails with a wide variety of eating places and stores. The learn-planned neighborhood is also home to two luxury multifamily communities totaling 747 models and a for-sale townhome local community, which will involve 155 models upon completion.

The Marina Pointe’s household tower options state-of-the-art amenities, like 24-hour doorman/concierge, physical fitness middle, amenity deck overlooking the marina, resident club with enjoyment room and virtual golfing simulator among the other amenities. Specific condo unit measurements range from 1,750 to about 4,500 square ft and supply a range of floor designs, ranging from two to five bedrooms. The condo residences element private elevators, up to 10-foot ceilings, ground-to-ceiling glass walls and windows, and oversized balconies with panoramic views of Aged Tampa Bay and Downtown St. Petersburg.

BTI Partners is a third-technology advancement business led by Noah Breakstone. The firm has in excess of 30 many years of working experience in luxury housing growth, with above 17,500 models created to date in Florida. As a joint enterprise lover to BTI Spouse, Westport Funds Companions is a non-public true estate expense firm focused on prolonged-expression value generation via excellent investments in choose houses, operating organizations, securities and other real estate relevant property all through the main international markets.

Walker & Dunlop’s Eric McGlynn played a crucial position pinpointing Bank OZK as the suitable funds resource.

“We are pleased to have been involved in the financing for this distinctive challenge,” stated McGlynn. “Marina Pointe features waterfront living, its own marina slips for acquire, walkability to restaurants and retail and proximity to downtown.”

Walker & Dunlop has one particular of the strongest networks in the sector, with over 250 cash sources. The agency finished $5.9 billion in brokered loan originations from January through September 2020, a 21.6 percent maximize over the same time period in 2019.

“Financial institution OZK is delighted to present financing for Marina Pointe,” said Greg Newman, Handling Director/Originations at Bank OZK’s Actual Estate Specialties Team. “Marina Pointe embodies the substantial expectations Lender OZK consistently seeks in its task financings – marquee authentic estate, strong market fundamentals, and top rated-tier sponsorship. Noah Breakstone and the workforce at BTI Partners are developing a better put to are living, function, take a look at and engage in in their dwelling state. We value the possibility to participate in this venture as the sole senior secured financial institution and glimpse ahead to a pretty productive execution.”

Financial institution OZK (Nasdaq: OZK), as a result of its Genuine Estate Specialties Group (RESG), presents senior-secured funding on marquee professional actual estate design jobs during the nation. RESG is regarded as a preeminent, sector-top construction financial institution changing skylines throughout the United States. For extra details go to www.ozk.com.

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