(Read more on the debt and equity markets andthe multifamilymarket .)
TAMPA, FL-With $69 million in construction financing, PhillipsDevelopment & Realty LLC has started construction on the401-unit Le Jardin apartment community on InternationalBoulevard.
Senior contributing lenders included Fifth Third Bank, US Bankand Compass Bank. Mezzanine funding was provided by AmeritoneProperties of Englewood, CO, a division of Archstone-Smith.Phillips Development & Realty partner and site acquisitionmanager Brad Minsley tells GlobeSt.com that the first units areexpected to be completed in 12 months and the last units in 18months. Rents for the units will range from $1,200 to $1,800.
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