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Aureate Group Secures $72.5M Construction Loan From TD Bank For Tampa Development Site

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FINANCED
$72,500,000

Florida

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Development Site
Financed 06/27/2024
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FINANCED

Aureate Group Secures $72.5M Construction Loan From TD Bank For Tampa Development Site

1280 East Harrison Street

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Development Site
Financed 06/27/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The development site located at 1280 East Harrison Street in Tampa spans 40 acres. Kiran Patel of Aureate Group is the landlord overseeing the project.

Summary of transaction details:

Developer Aureate Group has obtained a $72.5 million construction loan from TD Bank for the Harrison at Encore project. The 20-story mixed-use tower development will comprise 294 luxury apartments, 44,000 square feet of medical office space, and a 22,000 square foot grocery store, enriching the mixed-use environment of the Encore District in Tampa.

Players

TD Bank
TD Bank
LENDER

Details

FINANCED
IMAGE: Kiran Patel DATE: 06/27/2024 ADDRESS: 1280 East Harrison Street MARKET: Tampa ASSET TYPE: Development Site ~ ACRES: 40 LENDER: TD Bank (@TDBank_US) LANDLORD: Kiran Patel - Aureate Group (@Aureate_Group) LOAN AMOUNT: $72,500,000 LOAN TYPE: Construction Loan NOTE: Developer Aureate Group has secured a $72.5 million construction loan from TD Bank for Harrison at Encore, a planned 20-story mixed-use tower in Tampa. Located in the Encore District north of Downtown Tampa, Harrison will feature 294 luxury apartments, 44,000 square feet of medical office space, and a 22,000 square foot grocery store, contributing to the vibrant mixed-use environment of the area.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$72,500,000.00

Monthly NOI$483,333.33
Monthly Debt Service$458,249.32
Change in Cash Flow$0.00
Refinance Proceeds$0.00