$72.5 million construction loan secured for luxury high-rise condo development in Tampa

JLL Capital Markets arranged the financing for Altura Bayshore, a 73-unit residential condominium project being developed by The Ronto Group

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Altura Bayshore
JLL arranged a $72.5 million construction loan for the development of Altura Bayshore, a 73-unit, luxury, high-rise condominium project in Tampa, Florida.

JLL Capital Markets announced it has arranged a $72.5 million construction loan for the development of Altura Bayshore, a 73-unit, luxury, high-rise condominium project directly off of the renowned Bayshore Boulevard in Tampa, Florida.

JLL worked on behalf of the borrower, The Ronto Group, to secure the loan from MSD Partners, L.P.

With an anticipated completion date of 2024, Altura Bayshore will tower 22 stories above Hillsborough Bay and Bayshore Boulevard, which has the world’s longest uninterrupted sidewalk. The project will have a first-class amenity package with stunning panoramic water views, a luxury sky deck and pool, a state-of-the-art fitness center, club and entertainment room, guest suites, multiple sports courts, a synthetic turf putting green, dog park and barbecue grills, among others. The units were designed to provide residents with sunrise, sunset and water views and open and spacious floor plans with high ceilings resembling single-family homes. Units also include private elevator foyers, designer-selected finishes throughout, open terraces and energy-efficient sliding glass windows and doors.

Altura Bayshore’s premier location at 2910 West Barcelona St. in Tampa will provide residents with all the advantages of urban Florida living, including access to retail, entertainment, outdoor activities and nightlife. SOHO District and Hyde Park Village are both within easy walking distance, and the Downtown Tampa Arts District is just a short drive away.

“We are pleased to partner with The Ronto Group in financing the development of this incredible new condominium project in Tampa,” said Jason Kollander, the Co-Head of Real Estate Credit and a Managing Director of MSD Partners. “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.”

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Steve Klein, Managing Director Brian Gaswirth, Director Reid Carleton and Director 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,” Klein said.

“We are thrilled to see the team continue their successful partnership with MSD after previous successes in Southwest Florida,” Gaswirth added.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver best-in-class solutions for clients—whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.