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Strategic Property Partners Secures $110 Million Loan For 490-Unit Apartment Tower From PGIM Real Estate

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FINANCED
$110,000,000

Florida

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MultiFamily
Financed 08/05/2025
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Property Image
FINANCED

Strategic Property Partners Secures $110 Million Loan For 490-Unit Apartment Tower From PGIM Real Estate

1050 Water Street

See Similar Deals
MultiFamily
Financed 08/05/2025
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

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.

Details

FINANCED
IMAGE: Cathy Marcus & Josh Taube DATE: 08/05/2025 ADDRESS: 1050 Water Street MARKET: Tampa ASSET TYPE: Multifamily ~ UNITS: 490 LENDER: Cathy Marcus - PGIM Real Estate (@PGIM) LANDLORD: Josh Taube - Strategic Property Partners LOAN AMOUNT: $110,000,000 LOAN TERMS: five-year, interest-only NOTE: Strategic Property Partners secured a $110M, five-year, interest-only fixed-rate loan from PGIM Real Estate for Asher, its 490-unit apartment tower in Water Street Tampa. The 22-story property, which includes 97 Roost short-term rentals, is owned by SPP and backed by landlord Cascade Investment LLC, Bill Gates’ investment fund.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$110,000,000.00

Monthly NOI$733,333.33
Monthly Debt Service$695,274.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00