Mill Creek Residential Acquires 1.95-Acre Land In Tampa's Encore District For $8.6M From Tampa Housing Authority
1211 Ray Charles Boulevard
$8,600,000
Units
304
Asset Type
Land
Closing
Oct 12, 2023
About this deal
AI
The downtown Tampa's Encore district Lot 8 has been acquired by Mill Creek Residential, a Florida-based developer, for $8.6 million. The 1.95-acre land is located at 1211 Ray Charles Boulevard in Tampa. The buyer, represented by William (Bill) MacDonald, plans to build an eight-story apartment building with 304 units and structured parking on the site. The development will be part of the Encore master-planned community under the Modera Encore brand.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $8,600,000
- Market: Tampa
- ACRES: 1.95
- Buyer: Mill Creek Residential - William (Bill) MacDonald
- Seller: Tampa Housing Authority - Leroy Moore
- Lender: Pacific Life Insurance Co
Mill Creek Residential, led by William (Bill) MacDonald, successfully secured a $77 million mortgage from Pacific Life Insurance Co to support the project. The developer aims to create a vibrant residential community within the Encore district, enhancing the urban landscape of downtown Tampa.
On the Map
$8,600,000
Land
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.84%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93