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Partners secure $24.5M of financing for high-rise condo project in Tampa

Partners secure $24.5M of financing for high-rise condo project in Tampa

Reid Boren, managing parner of Two Roads Development

West Palm Beach-based Two Roads Development and a partner secured $24.5 million in financing for a waterfront condominium development in downtown Tampa.

Two Roads and Feldman Equities LLC will use the financing to prepare the foundation and to fund demolition work at the development site of Riverwalk Place, which will rise more than 50 stories on the banks of the Hillsborough River.

The developers recently obtained a construction permit from the municipal government of Tampa for the foundation of Riverwalk Place.

Buyers have deposited a total of more than $80 million on Riverwalk Place condo units.

Calabasas, California-based Mosaic Real Estate Credit LLC provided the financing for the next phase of the Riverwalk Place project.

Mosaic also is working with Two Roads on its Elysee development, a 57-story condominium now under construction in the Edgewater area of Miami. – Mike Seemuth

Source:: The Real Deal