Simpson Housing and Woodfield Development Group have successfully secured a $50 million construction loan for their latest project, a 299-unit apartment complex situated on the scenic Rattlesnake Point waterfront. The lender for this venture was Comerica. Recently, all necessary permits for site and foundation work were approved.
According to the Tampa Bay Business Journal, this is not the first collaboration between these two developers as they previously worked together on Passport Apartments in Herndon, Virginia.
The upcoming apartment community is one of three planned developments along Rattlesnake Point’s waterfront. MAA from Memphis, Tennessee has announced plans to build 495 apartments on land formerly occupied by Orion Marine Construction while Southeastern from Atlanta intends to construct 625 apartments in the same area. Once an industrial site known for its snake population, Rattlesnake Point has undergone significant transformation.
This joint venture has successfully obtained a $50 million construction loan towards their new Tampa-based apartment project as reported by Connect CRE.
