Berkadia announces it has arranged $50.25 million in debt and equity financing for the development of Belmont Tampa Apartments, a 300-unit, Class A, garden-style apartment community to be built on the final undeveloped parcel in Belmont, a mixed-use master-planned community located approximately 30 minutes south of Tampa.
Managing Director Scott Wadler of Berkadia Miami and Senior Director Wyatt Krapf of Berkadia Tampa structured the capital stack on behalf of the sponsor, a joint venture between Cross Lake Partners of New York City and GreenPointe Holdings of Jacksonville, Fla. Synovus Bank provided a $33.1 senior loan. Federal Capital Partners, out of Chevy Chase, Maryland, provided $17.15 million in preferred equity.
Ranked as one of the most active communities in south Hillsborough County, Belmont is entitled for up to 2,260 residential units including over 1,200 homes and townhomes already sold by Lennar, another 160 Lennar townhomes under construction, and a 150,000-square-foot Publix-anchored grocery store. Belmont Tampa Apartments are expected to deliver in the spring of 2023.
“With Tampa’s urban core and waterfront areas already built out, new development is shifting eastward toward Brandon and Riverview,” said Wadler. “These suburban enclaves like Belmont offer residents outstanding amenities and convenient access to employment centers at a more affordable cost of living.”
Added Krapf, “While Florida as a whole has seen a massive influx of new residents this past year, Hillsborough County was already experiencing a surging population—it had the 4th highest net migration in Florida between 2010 and 2018—and it is well positioned to continue to capture more new homebuyers and renters as Florida’s population continues to grow.”
Located at 14323 S US Hwy-301, Belmont Tampa Apartments will consist of 12 three-story residential buildings on a 15.51-acre site, along with one central leasing building/clubhouse. The community will offer one-, two- and three-bedroom floor plans averaging 1,107 square feet. Community amenities include a resort-style pool, dog park, 24-hour state-of-the-art gym, as well as trails and active open spaces. It will also be within walking distance of the new Publix and Belmont Elementary School.