Porter Development Secures $63.5 Million Loan From Valley National Bank For Azalea Cay Project

The asset involved in this transaction is a 29-acre development site located at 1501 72nd Street North in St. Petersburg, Florida. The financing secured for this property amounts to $63,500,000. The project is named Azalea Cay and comprises a planned 1,056-unit apartment complex consisting of 12 buildings, with 30% of the units designated as workforce housing. The first phase will feature 341 units and is expected to break ground soon.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $63,500,000
• Address: 1501 72nd Street North
• Market: St. Petersburg, Florida
• Lender: Valley National Bank
• Landlord: Les Porter - Porter Development

The key individuals involved in this deal are Les Porter, representing Porter Development, who is the landlord of the development site, and Valley National Bank, which is the lender providing the financing for the project. This collaboration aims to advance the development goals for Azalea Cay.