JV Lands $50M Construction Loan for Tampa Apartments
Simpson Housing and Woodfield Development Group have secured a $50 million construction loan for a 299-unit apartment project on the Rattlesnake Point waterfront. Comerica was the lender. Site and foundation permits were recently okayed.
The Tampa Bay Business Journal reports the two developers have partnered together before, including on the development of Passport Apartments in Herndon, Virginia.
The apartment community is one of three planned on the Rattlesnake Point waterfront. Memphis, Tennessee-based MAA is planning 495 apartments on the property that was previously home to Orion Marine Construction, and Atlanta-based Southeastern is planning 625 apartments in the area. Rattlesnake Point was once a gritty industrial site inhabited by snakes.
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