Exclusive: Developer secures $92 million construction loan for condos in Westshore Marina District
The first phase of Marina Pointe has secured a construction loan.
The developer of Westshore Marina District has closed a $92 million construction loan for the first of three condominium towers in Marina Pointe.
BTI Partners, based in Fort Lauderdale, secured the loan from Bank OZK on Dec. 23, according to mortgage documents filed in Hillsborough County on Dec. 30. The first tower on Marina Pointe is 17 stories and includes 120 condos, 78 marina slips and 32,151 square feet of retail.
The Westshore Marina District is a 52-acre mixed-use district on the Gandy waterfront, just south of the intersection of Gandy and Westshore boulevards. It includes rental and for-sale housing, retail and restaurant space. BTI and Connecticut-based Westford Capital Partners are joint venture partners in the development.
BTI CEO Noah Breakstone said in a statement that a “migration” of residents from the Northeast and Midwest since the onset of the pandemic is fueling demand for the condominiums in Marina Pointe. Eventually, Marina Pointe will be home to two additional towers totaling 227 units and additional marina slips.
The first condo tower will see residents move in in 2022, BTI said. Condos range from 1,750 to over 4,500 square feet and will include a 24-hour concierge, fitness center, amenity deck overlooking the marina, resident club with entertainment room and virtual golf simulator among other amenities.
Eric McGlynn, Walker & Dunlop managing director in Miami, arranged the construction financing. Bank OZK also holds a construction loan that’s among the largest ever issued in Hillsborough County, a $664.1 million loan issued to the developer of Water Street Tampa in 2019.
“Marina Pointe embodies the high standards Bank OZK consistently seeks in its project financings — marquee real estate, strong market fundamentals and top-tier sponsorship,” said Greg Newman, managing director, originations, at Bank OZK’s real estate specialties group, in a statement.