TAMPA, FL—PCCP, LLC says it has provided a $70million senior loan to Carter for the developmentof a 23-story residential tower in downtown Tampa. The project isplanned for 362 rental apartments above a six-story parking garageand 6,500 square feet of ground-level retail space. Buildingamenities will include a pool deck and terrace located above theparking garage, a ground-level fitness center, and a clubroom onthe top floor of the tower. The project will be containedwithin a 1.02-acre site comprising a full city block bordered byNorth Franklin, North Florida, East Tyler, andEast Cass Streets. Construction isanticipated to be completed in late 2017.

"The Tampa market has exhibited strong population and jobgrowth," said Kevin Chin, senior vice president with PCCP. "We areexcited about the opportunity to provide financing for thedevelopment of an upscale residential tower in the heart ofdowntown to Carter, an experienced developer and client we haveworked with on past projects."

Centrally located within downtown Tampa and the RiverArts District, the project is within an area that hasundergone significant revitalization over the past decade. Therehas been billions of dollars of new development including museums,performing arts venues and green space, all of which promote alive, work, play environment that is important to local residents.The property is three blocks east of the newly completedTampa Riverwalk, a 2.5-mile pedestrian trail alongthe Hillsborough River, which provides a shortwalk to various arts and culture attractions including theStraz Center for Performing Arts, theTampa Theatre and the Tampa Museum ofArt.