Loci Capital, Maifly Development Lock in $92M to Build Class A Multifam in Tampa
Tampa, FL-based Loci Capital and Maifly Development have secured $92 million for the construction of Tampa Heights Apartments, a 321-unit, mixed-income Class A apartment community located in Tampa, FL.
The community will include 32 income-qualifying units for residents earning no more than 80 percent of the area’s median income.
Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia structured the capital stack on behalf of Loci Capital, a real estate private equity firm, and Maifly Development, a Pennsylvania-based, real estate development firm. U.S. Bank provided the senior debt, and Marble Capital provided the preferred equity.
“Tampa is one of the hottest commercial real estate markets in the country right now,” said Weinburg. “Nearly every asset class is performing well throughout the region but it’s led by the multi-family market.”
Tampa Heights Apartments will site 2.45-acre site at the northeast corner of North Florida Avenue and East 7th Avenue, approximately 10 minutes from Downtown Tampa.