Cascade Obtains $110M Refi for Water Street Tampa Apartment/Hotel Hybrid

PGIM Real Estate has provided $110 million in 5-year interest-only fixed-rate financing to Cascade Investment for the financing of Asher Residences in Tampa. 

The 22-story apartment building is a part of the Water Street development in downtown Tampa and was completed in December 2021. It contains 490 units, including 97 furnished residences operated as part of the ROOST hotel component, designed to meet growing demand from visitors to the adjacent Amalie Arena and Tampa Convention Center.

Water Street Tampa, a $3 billion to $4 billion mixed-use development spanning approximately 56 acres of former parking and vacant land, has completed its first phase. The initial development is anchored by new office, residential, hotel and retail projects adjacent to Amalie Arena, home of the Tampa Bay Lightning NHL ice hockey team. Development beyond that initial pocket is now underway.