Meridian Capital Group, America’s most active dealmaker, arranged $103 million in construction takeout financing for The Pointe on Westshore, a multifamily property in Tampa, FL on behalf of Index Investment Group.
The loan was a refinance of a construction loan that enabled the borrower to recapture all of their equity prior to completion of the project on a non-recourse basis. This transaction was negotiated by Meridian Senior Managing Director, Morris Betesh, and Vice President, Alex Bailkin, who are both based in the company’s New York City headquarters, as well as Managing Director, Justin Boruchov, Senior Vice President, Peter Martz, and Associate, Scott Miller, who are based in the company’s Boca Raton, FL office.
Located at 4950 West Prescott Street in Tampa, FL on a 23-acre parcel of land, The Pointe on Westshore will be a 444-unit, class-A multifamily community comprised of 27 buildings across 689,250 square feet upon completion. The property will consist of six five-story elevator buildings, 14 carriage buildings, a clubhouse and leasing center, and a pool house. There will be garages on the ground floors of the residential buildings in addition to open paved parking spaces for a total of 807 spots. The one-, two-, and three-bedroom apartments will feature vinyl plank flooring, walk-in closets, ceiling fans, designer light fixtures, full-size washers and dryers, private patios or balconies, stainless-steel kitchen appliances, and high-end bathroom finishes. Residents will also benefit from a resort style heated swimming pool and heated lap pool, a clubhouse with leasing offices, a game room, demonstration kitchen, mail center and package room, fitness center, dog park, and indoor and outdoor gathering areas.
The Pointe on Westshore is advantageously located on Old Tampa Bay in Port Tampa City, 15 minutes southwest of Downtown Tampa and its robust job market and rapidly growing population. The property is in close proximity to MacDill Air Force Base, which employs approximately 15,000 people, the University of Tampa, and the Tampa International Airport.
“The team at Meridian was very professional, quick, and easy to work with, providing great options in terms of finding a lender and were involved in every step of the way to closing,” said Bjarne Borg, Chairman and CEO of Index Investment Group.
“It was a pleasure working with HIG and the Index team. We are happy to be a part of this transaction, which provides Index liquidity to further grow their portfolio of first-class developments,” said Mr. Betesh.