Mast, Amzak Secure $72.5M Loan for Tampa Resort Upgrade

Mast Capital and Amzak Capital Management secured a $72.5 million loan from Beach Point Capital Management to finance the renovation of Saddlebrook Resort in Tampa. 

The 480-acre Saddlebrook Resort is undergoing an expansive renovation. The $92 million transformation encompasses a full-scale redesign of the guestroom suites, lobby, meeting spaces, pool and outdoor facilities, golf course and food and beverage destinations, as well as significant upgrades to the resort’s landscaping, sports facilities and amenities. 

Mast Capital first partnered with Amzak Capital Management to acquire the Saddlebrook property in spring 2022. Future development plans include a town center featuring 465 rental apartments, 25 townhomes, 75,000 square feet of retail and office space, and a pedestrian promenade. Nearby within the property grounds, a 120-unit townhome community and 25,000 square feet of commercial space are in process. 

A JLL’s Capital Markets team, led Chris Drew represented the joint venture of Mast Capital and Amzak Capital Management in securing the financing.