H.I.G. Realty Lends $103M on The Pointe on Westshore Project in Tampa
Index Investment Group has inked $103 million in construction takeout financing for a multifamily development in Tampa, Fla., Commercial Observer has learned.
H.I.G. Realty Partners was the lender on the deal for Index’s The Pointe on Westshore project. The loan retires previous construction debt and enables Index to recapture all of its equity, prior to completion of the project, on a non-recourse basis.
This transaction was negotiated by Meridian Capital Group’s Morris Betesh, Alex Bailkin, Justin Boruchov, Peter Martz and Scott Miller. Betesh and Bailkin are based in Meridian’s New York City office, while Boruchov, Matz and Miller are located in Boca Raton, Fla.
“We are happy to be a part of this transaction, which provides Index liquidity to further grow their portfolio of first-class developments,” Betesh said in a statement.
Bjarne Borg, chairman and CEO of Index Investment Group, credited Meridian with “providing great options in terms of finding a lender” and staying involved through every step up to the closing.
H.I.G. did not immediately respond for comment on the financing.
Located at 4950 West Prescott Street on a 23-acre parcel of land in Tampa, The Pointe on Westshore, upon completion, will be a 444-unit apartment community, comprising 27 buildings across 689,250 square feet. The property will consist of six five-story elevator buildings, 14 carriage buildings, a clubhouse with leasing offices and a pool house. Planned amenities include a heated swimming pool, game room, demonstration kitchen, fitness center and dog park.
Monthly rents at The Pointe on Westshore range from $1,625 for one bedrooms to $2,640 for three-bedroom units, according to Apartments.com.