Simpson Housing And Woodfield Development Secure $50M Construction Loan For Tampa Waterfront Apartments

Denver-based Simpson Housing and North Carolina-based Woodfield Development have secured a $50 million construction loan from Comerica Bank for their joint venture in Tampa, Florida. The loan will finance the development of a waterfront apartment project consisting of 299 units. The development site is located at 5301 West Tyson Avenue in Tampa, which is a desirable market for residential properties.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $50,000,000
• Lender: Comerica Bank
• Landlord: Simpson Housing - Frank Rooney Jr.; Woodfield Development - Mike Underwood
• Loan Type: Construction Loan

This joint venture between Simpson Housing and Woodfield Development aims to create a premier waterfront apartment community in Tampa. The project will consist of 299 units and is part of a larger initiative in the area, with multiple developers simultaneously constructing apartment buildings nearby. This loan from Comerica Bank will provide the necessary funding for the construction of this waterfront apartment development, solidifying the commitment of Simpson Housing and Woodfield Development to the Tampa market.