The Ronto Group Secures $72M for Luxury Condominium Project
The firm obtained the construction loan from MSD Partners LP and plans to construct a 73-unit, 22-story development in Tampa, FL.
TAMPA, FL – The Ronto Group has secured a $72.5 million construction loan from MSD Partners LP for the development of a 73-unit, luxury high-rise condominium in Tampa, FL.
The 22-story development, Altura Bayshore, is located directly off of Bayshore Blvd. and Hillsborough Bay at 2910 West Barcelona St. The property is situated near Tampa’s SOHO district and Hyde Park Village.
The property will feature panoramic water views, a luxury sky deck and pool, a state-of-the-art fitness center, a club and entertainment room, guest suites, numerous sports courts, a synthetic turf putting green, a dog park and barbecue grills. Designed to provide residents with sunrise, sunset and water views, the condominium units will feature open floorplans, high ceilings, private elevator foyers, open terraces, designer-selected finishes and energy-efficient sliding glass windows and doors.
The project is expected to be complete in 2024.
“We are pleased to partner with the Ronto Group in financing the development of this incredible new condominium project in Tampa,” says MSD Partners’ co-head of real estate credit and managing director, Jason Kollander. “This financing of Altura Bayshore also represents the further extension of MSD’s commitment to Florida, where we are extremely active through projects and other investments in Miami, Naples and Boca Raton.”
JLL arranged the loan from MSD Partners LP, on behalf of the borrower. The JLL capital markets team was led by senior managing director Steve Klein, managing director Brian Gaswirth, and directors Reid Carleton and Drew Jennewein.
“As one of the preeminent condo developers on Florida’s west coast, the Ronto Group has proven time and again their ability to successfully design and deliver premier residential developments,” states Klein.