$35M Land Loan
Pre-Development Land Loan, 1.73 acres
Parkview Financial closed a $35 million loan to Two Roads Development for the recapitalization of 1.73 acres of land located at 103 S. Ashley Drive in downtown Tampa FL. The parcel is entitled for the development of Riverwalk Tower, a Class A, 37-story, residential and hotel project consisting of 207 for-sale condominiums and 220 luxury hotel rooms, with structured parking and supporting retail and amenity areas.
Parkview’s loan will recapitalize the land and associated soft costs for the borrower to secure the building permits, reignite marketing and sales and provide a bridge to execution of the construction financing.
“We are pleased to provide land loan financing on behalf of Two Roads Development, an experienced for-sale residential developer specializing in high-rise condominiums with a number of successful projects in various Florida markets,” said Paul Rahimian, CEO and Founder of Parkview Financial. “Our Parkview Financial team sees the planned project as one that will deliver well-located for-sale residential and hospitality product.”
Groundbreaking is anticipated for this late year with completion scheduled in late 2024. The 37-story property will sit atop an 11-story parking structure. All told, the building area will total in excess of 1.4 million sf. The Riverwalk Tower site is located along the east bank of the Hillsborough River in downtown Tampa. The project will have unobstructed water views to the south and west and downtown city views to the east. The location is highly walkable with easy access to grocery stores, offices, theaters, museums, restaurants, parks and other civic uses. At ground-level, the project will have the hotel and residential lobbies, a lobby bar, hotel restaurant, café and dining terrace. Levels 2 to 11 will house the hotel and parking garage. Levels 12 to 14 will have a pool and hotel meeting areas, spa facility and fitness center. Levels 15 to 37 will house the residential units (nine floor plans) and include a rooftop pool for the residents.