Downtown Tampa is seeing strong activity.

MIAMI—Lenders are still making new construction loans on quality projects in Florida. Related Group is proving the point, securing $52 million in construction financing for a rental property in Tampa's booming Westshore neighborhood.

“We've done our homework and are confident the property and its central location will resonate with Tampa and St. Pete's growing base of renters,” says Steve Patterson, president and CEO of Related Development. The multifamily property is one of four Related projects in the Greater Tampa area as developers move further north looking for opportunities.

SunTrust Bank arranged the loan and will fund the development of the 396-unit Town Westshore rental community, which recently broke ground. Rebecca Cox, senior vice president at SunTrust Commercial Real Estate says: “We see tremendous growth opportunity in the I-4 corridor, and developments like Town Westshore are positioned to take advantage of the continued job and population growth in the region.”

The four-story luxury mid-rise apartment development includes 396 units on just over eight acres of land. Town Westshore will offer direct access to Tampa Bay, fitness and yoga studios, saunas, massage treatment rooms, E-lounges, executive dining rooms and concierge services, among other amenities. Shopping, dining and a marina within walking distance are on the docket.

Upcoming Related milestones in the Greater Tampa area include the groundbreaking of the Manor on the Hillsborough River development. The 400-unit project is located on the former Tampa Tribune site, with construction underway and a formal groundbreaking ceremony scheduled for August 23. The firm is also preparing for move-ins at the 340-unit Icon Harbour Island luxury development.

“Interest rates have increased during the last several months and will continue to do so, until the global markets stabilize,” Charles Penan, managing director of Aztec Group, tells GlobeSt.com. “While lenders have become more conservative, that should not be misinterpreted as a halt in commercial lending.”

Instant Insights /

Related Scores Big Multifamily Construction Financing Win

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