2nd Wave Development has secured a $14.2 million preferred equity investment for its 360-unit apartment complex it is building in Tampa. Pembrook Capital Management provided the capital for the property, which will be called The Asbury Apartments. Doug Wilberding with Pembrook originated the loan.
When it delivers, The Asbury Apartments property will include 27-buildings with 366,656 square feet of rentable area. The 34-acre site will have 14 residential buildings, 10 garages, two clubhouses, one maintenance building, and 655 total parking spaces.
"The opportunity to help bring a substantial multifamily project to this area was a compelling deal for us to fund," Stuart Boesky, CEO of Pembrook, said in prepared comments. "Even in today's difficult economic conditions, the Tampa market continues to flourish, and this Class-A development will bring new multifamily options to a supply constrained region."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
