PGIM Real Estate has provided $110 million in five-year, interest-only, fixed-rate financing to Cascade Investment for the refinancing of Asher Residences in Tampa.
Asher Residences is a 22-story apartment tower located within the Water Street Tampa development in downtown Tampa. Completed in December 2021, the building comprises 490 residential units, including 97 furnished suites that operate as part of the ROOST hotel concept. These hybrid units cater to increasing demand from short-term visitors attending events at nearby Amalie Arena and the Tampa Convention Center.
Part of a $3 billion to $4 billion transformational project, Water Street Tampa is a mixed-use development covering approximately 56 acres of previously underutilized land. The first phase of the project, now completed, includes new office, residential, retail, and hospitality spaces directly adjacent to Amalie Arena, home of the NHL’s Tampa Bay Lightning. Development efforts are now expanding beyond the initial footprint, continuing to enhance Tampa’s downtown core.
