Tampa-Area Investor Secures BTR Construction Loan

Agador Spartacus Development has obtained a $32 million construction loan for Magnolia at Spring Hill, a 162-unit built-to-rent project in Spring Hill, Fla. Commercial Edge reports a partnership of North River Partners and Amzak Capital Partners provided the non-recourse funding. JLL represented the borrower and arranged the equity.

Scheduled for completion in 2025, Magnolia at Spring Hill will offer a mix of two- and three-bedroom townhomes, averaging 1,144 square feet, and two-bedroom apartment units separately. 

Community amenities will include an outdoor kitchen, a fitness studio, playgrounds, a swimming pool and pickleball and basketball courts. The development is within five miles of Moffitt Cancer Center.

Several built-to-rent communities are underway in Florida, including Stark Enterprises’ 454-unit Summer Pointe Village in Summerfield, and another 266-unit casita-style project, Havens at Palm Bay, developed by Stellar Communities and Adam America Real Estate, is expected in 2026 in Palm Bay, Fla.