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

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.