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Mill Creek Residential Acquires 1.95-Acre Land In Tampa's Encore District For $8.6M From Tampa Housing Authority

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SOLD
$8,600,000

Florida

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Land
Sold 10/12/2023
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Property Image
SOLD

Mill Creek Residential Acquires 1.95-Acre Land In Tampa's Encore District For $8.6M From Tampa Housing Authority

1211 Ray Charles Boulevard

See Similar Deals
Land
Sold 10/12/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Land
Transaction Type:Sale

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.

Players

Mill Creek Residential
Mill Creek Residential
BUYER
TA
Tampa Housing Authority
SELLER
Pacific Life Insurance Company
Pacific Life Insurance Company
LENDER

Details

SOLD
IMAGE: William (Bill) MacDonald & Leroy Moore DATE: 10/12/2023 ADDRESS: 1211 Ray Charles Boulevard MARKET: Tampa ASSET TYPE: Land ~ ACRES: 1.95 BUYER: Mill Creek Residential (@MillCreekResidential) - William (Bill) MacDonald (@WMacDonald22) SELLER: Tampa Housing Authority (@TampaHaOrg) - Leroy Moore LENDER: Pacific Life Insurance Co (@PacificLife) SALE PRICE: $8,600,000 NOTE: Florida's Mill Creek Residential has acquired downtown Tampa's Encore district Lot 8 for $8.6 million and secured a $77 million mortgage from Pacific Life Insurance. The developer plans to build an eight-story apartment building with 304 units and structured parking on the 1.95-acre site, under the Modera Encore brand, as part of the Encore master-planned community.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$458,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$30,553.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,768.39
Annual Debt Service$489,220.65