Luxury waterfront development Marina Pointe secures $ 92 million construction loan
Based in Fort Lauderdale BTI Partners, a real estate development company, secured a $ 92 million construction loan for the first phase of Marina Pointe, a luxurious three-tower waterfront development along Tampa Bay. OZK Bank is the lender. Walker and Dunlop Managing Director Eric McGlynn in Miami organized the construction funding.
Marina Pointe, currently under construction in the heart of Westshore Marina District, is the result of a joint venture between BTI Partners and Westport Capital Partners, based in Stamford, Connecticut. Westshore Marina District is a 52-acre mixed-use community that celebrates Tampa’s waterfront lifestyle and embraces a healthy lifestyle.
Phase 1 includes a 17-story condo tower
The transaction, relating to one of the largest condo construction loans in Tampa, closed at the end of December. The first phase of Marina Pointe consists of a 120-unit condo tower with 17 floors, 78 marina slips and 32,151 square feet of retail space. BTI Partners inaugurated the first tower this summer and it will be completed in 2022. Marina Pointe will eventually include two other towers totaling 227 residences and additional marina slides.
“Marina Pointe has raised the bar for Tampa / St. Pete waterfront living, driving demand for luxury condos in this market,” said Noah Breakstone, CEO of BTI Partners. “Since the start of the pandemic, people from the Northeast and Midwest have moved to the Tampa market. This migration has further fueled additional demand for Marina Pointe, where residents can enjoy the safe outdoors, direct access to waterfront trails and restaurants, and other stylish amenities. complex. To top it off, if you are a boater, Marina Pointe is the only new luxury condo with a private marina in the Tampa / St. Pete Market.
1.5 miles of waterfront hiking trails
Located south of downtown Tampa, the waterfront location represents a unique offering for homebuyers looking for luxury amenities, a private marina and a conducive lifestyle. walking. The Westshore Marina District features 1.5 miles of waterfront walking trails with a variety of restaurants and shops. The Chief Planned Community is also home to two luxury multi-family communities totaling 747 units and a townhouse community for sale, which will include 155 units when completed.
The residential tower at Marina Pointe features state-of-the-art facilities including 24-hour doorman / concierge, fitness center, terrace overlooking the marina, residents’ club with entertainment room and virtual golf simulator, among other amenities. The size of the individual condo units ranges from 1,750 to over 4,500 square feet and offers a variety of floor plans, ranging from two to five bedrooms. Condo residences feature private elevators, ceilings up to 10 feet, floor-to-ceiling glass walls and windows, and oversized balconies with panoramic views of Old Tampa Bay and downtown St. Petersburg.
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Bank OZK helps bring the vision to life
BTI Partners is a third generation development company led by Noah Breakstone. The company has over 30 years of experience in luxury housing development, with more than 17,500 units developed to date in Florida. As a joint venture partner of BTI Partner, Westport Capital Partners is a private real estate investment firm focused on creating long-term value through quality investments in select properties, operating companies, securities and companies. ‘other real estate assets in the main world markets.
Eric McGlynn of Walker & Dunlop was instrumental in identifying Bank OZK as the ideal source of capital.
“We are happy to have helped fund this special project,” said McGlynn. “Marina Pointe offers waterfront living, its own marina slips for purchase, walking access to restaurants and retail, and proximity to downtown.
Walker & Dunlop has one of the strongest networks in the industry, with over 250 sources of capital. The company made $ 5.9 billion in negotiated loans from January to September 2020, an increase of 21.6% from the same period in 2019.
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Activate Tampa’s waterfront spaces
“Bank OZK is delighted to provide financing to Marina Pointe,” said Greg Newman, Managing Director / Origins of Bank OZK’s Real Estate Specialties Group. “Marina Pointe embodies the high standards Bank OZK consistently seeks in its project finance – reputable real estate, strong market fundamentals and top sponsorship. Noah Breakstone and the team at BTI Partners are creating a better place to live, work, visit and play in their home country. We appreciate the opportunity to participate in this project as the only senior secured lender and look forward to a very successful execution.
OZK Bank (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides senior-guaranteed financing on leading commercial real estate construction projects across the country. RESG is considered a leading, market-changing construction lender in the United States. For more information, visit www.ozk.com.