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$69M Financing Buoys 401-Unit Complex

TAMPA, FL-Plans for Le Jardin have gone from rental to condo and back to rental as the markets have fluctuated.

By Natalie Keith | Updated on August 24, 2007

(Read more on the debt and equity markets and the multifamily market .)

TAMPA, FL-With $69 million in construction financing, Phillips Development & Realty LLC has started construction on the 401-unit Le Jardin apartment community on International Boulevard.

Senior contributing lenders included Fifth Third Bank, US Bank and Compass Bank. Mezzanine funding was provided by Ameritone Properties of Englewood, CO, a division of Archstone-Smith. Phillips Development & Realty partner and site acquisition manager Brad Minsley tells GlobeSt.com that the first units are expected to be completed in 12 months and the last units in 18 months. Rents for the units will range from $1,200 to $1,800.

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