Updated Aug 5, 2025
Strategic Property Partners Secures $110 Million Loan For 490-Unit Apartment Tower From PGIM Real Estate
1050 Water Street
$110,000,000
Units
490
Asset Type
MultiFamily
Closing
Aug 5, 2025
About this deal
AI
The property asset involved in this transaction is a multifamily apartment tower located at 1050 Water Street in Tampa. The asset comprises 490 units within a 22-story structure and includes 97 Roost short-term rentals. The loan amount secured for this property is $110,000,000 with a five-year, interest-only fixed-rate loan structure.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $110,000,000
- Units: 490
- Address: 1050 Water Street
- Market: Tampa
- Lender: Cathy Marcus - PGIM Real Estate
- Landlord: Josh Taube - Strategic Property Partners
The loan was secured by Strategic Property Partners, which is backed by Cascade Investment LLC, an investment fund associated with Bill Gates. Cathy Marcus represents PGIM Real Estate as the lender in this transaction, while Josh Taube represents Strategic Property Partners as the landlord.
On the Map
$110,000,000
MultiFamily
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Players
Tampa MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93