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Pinnacle Bank Provides $38M Loan For Development Site In Tampa Represented By JLL
FINANCED
$38,000,000
Florida
See Similar DealsDevelopment Site331,000 SF
Financed 08/06/2025
FINANCED
Pinnacle Bank Provides $38M Loan For Development Site In Tampa Represented By JLL
3600 Causeway Boulevard
See Similar DealsDevelopment Site331,000 SF
Financed 08/06/2025
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$114
Total Square Footage:331,000 SF
Transaction Type:Loan
The property asset involved is a development site located at 3600 Causeway Boulevard in Tampa, characterized as a speculative industrial project with a square footage of 331,000. The transaction concluded with a sale price of $38,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $38,000,000
- Lender: Pinnacle Bank
- Loan Type: Construction
- Landlord: Eric Smyth - CIP Real Estate; James Ryan & Robert Fitzgerald - Hazel Street Capital
- Broker: JLL
The deal was orchestrated with Pinnacle Bank providing $38M in construction financing specifically for the project. JLL played a pivotal role by arranging the loan on behalf of the developers, CIP Real Estate and Hazel Street Capital, highlighting the collaboration between the entities involved in this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$38,000,000.00
Monthly NOI$253,333.33
Monthly Debt Service$240,185.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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