TAMPA, FL—PCCP, LLC says it has provided a $70 million senior loan to Carter for the development of a 23-story residential tower in downtown Tampa. The project is planned for 362 rental apartments above a six-story parking garage and 6,500 square feet of ground-level retail space. Building amenities will include a pool deck and terrace located above the parking garage, a ground-level fitness center, and a clubroom on the top floor of the tower. The project will be contained within a 1.02-acre site comprising a full city block bordered by North Franklin, North Florida, East Tyler, and East Cass Streets. Construction is anticipated to be completed in late 2017.

"The Tampa market has exhibited strong population and job growth," said Kevin Chin, senior vice president with PCCP. "We are excited about the opportunity to provide financing for the development of an upscale residential tower in the heart of downtown to Carter, an experienced developer and client we have worked with on past projects."

Centrally located within downtown Tampa and the River Arts District, the project is within an area that has undergone significant revitalization over the past decade. There has been billions of dollars of new development including museums, performing arts venues and green space, all of which promote a live, work, play environment that is important to local residents. The property is three blocks east of the newly completed Tampa Riverwalk, a 2.5-mile pedestrian trail along the Hillsborough River, which provides a short walk to various arts and culture attractions including the Straz Center for Performing Arts, the Tampa Theatre and the Tampa Museum of Art.