MIAMI—Lenders are still making new construction loans on quality projects in Florida. Related Group is proving the point, securing $52 million in construction financing for a rental property in Tampa's booming Westshore neighborhood.

“We've done our homework and are confident the property and its central location will resonate with Tampa and St. Pete's growing base of renters,” says Steve Patterson, president and CEO of Related Development. The multifamily property is one of four Related projects in the Greater Tampa area as developers move further north looking for opportunities.

SunTrust Bank arranged the loan and will fund the development of the 396-unit Town Westshore rental community, which recently broke ground. Rebecca Cox, senior vice president at SunTrust Commercial Real Estate says: “We see tremendous growth opportunity in the I-4 corridor, and developments like Town Westshore are positioned to take advantage of the continued job and population growth in the region.”