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1501 72nd Street North

Updated Sep 15, 2026

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

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

1501 72nd Street North

$63,500,000

Units

1,056

Asset Type

Development Site

Closing

Sep 11, 2026

About this deal

AI

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:

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.

On the Map

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$63,500,000

Development Site

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Players

Valley National Bank
Valley National BankLender

Les Porter

Porter Development

Landlord

$63.5M

vol

1 deal

Landlord
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Santa Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.25%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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