Apartment developer receives financing for a 258-unit New Tampa project.
TAMPA — The Altman Companies announced that it recently received a $18.4 million construction loan to develop a 258-unit rental community in New Tampa.
The company received the financing through the City National Bank of Florida (CNB), with equity from Sarofirm Realty Advisors and Altman to fund the project, according to a release.
Named the Altis at Grand Cypress, the development is on 60 acres on the west side of Livingston Road and south of Highway 54 in Pasco County. Of the 60 acres, 40 of them will be set aside for a lake and a forested cypress preserve.
Development will include 17 two-story apartment buildings, offering one-, two-, and three-bedroom units. The apartment complex will also feature a clubhouse, fitness center, business center and a swimming pool without an outdoor lounge and barbecue areas.
The company has broken ground on the project, and the first units are scheduled to be completed by July 2012. In a release, Altman Chairman Joel Altman says the project will bring 100 new jobs during the next 17 months to the Pasco area.
Boca Raton-based The Altman Companies is a developer and manager of rental communities. The company has developed, constructed, acquired and managed more than 20,000 multi-family units in seven states.