Parkview Financial announced today it has provided 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.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed more than $3 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $200 million.
With offices in Los Angeles, New York, Denver and Atlanta, our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.