Updated Sep 2, 2025
Pinnacle Bank Provides $38M Loan For Development Site In Tampa Represented By JLL
3600 Causeway Boulevard
$38,000,000
$114/SF
Building Size
331,000 SF
Asset Type
Development Site
Closing
Aug 6, 2025
About this deal
AI
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.
On the Map
$38,000,000
$114/SF
Development Site
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Players
Tampa 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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93