PGIM Real Estate Provides $150M Financing for JW Marriott Tampa Water Street
PGIM Real Estate has provided $150-million, 10-year interest-only fixed-rate financing to Strategic Property Partners for JW Marriott Tampa Water Street hotel in downtown Tampa, FL. PGIM Real Estate is the $208.7 billion real estate investment and financing business of PGIM.
“Hotels were hit hard during the onset of the COVID-19 pandemic, but with the strong economic recovery we saw in the second half of 2021, we saw major improvements overall and an opportunity to make loans in this sector,” said Melissa Farrell, head of debt originations at PGIM Real Estate.
The 26-story luxury hotel is a part of the Water Street Tampa and was completed in December 2020. It contains 519 guest rooms as well as 69,946 square feet of meeting space.
Water Street Tampa, a $3.5 billion-plus planned district on a 56-acre stretch of waterfront, is wrapping up its first phase of construction near Amalie Arena. Water Street Tampa is a joint venture between Strategic Property Partners, Tampa Bay Lightning owner Jeff Vinik and Bill Gates’ Cascade Investment.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.