Agador Spartacus Development has recently secured a $32 million construction loan for their latest project, Magnolia at Spring Hill. The 162-unit built-to-rent community in Spring Hill, Florida will be funded by a partnership between North River Partners and Amzak Capital Partners. JLL acted as the representative for the borrower and facilitated equity arrangements.
Expected to be completed in 2025, Magnolia at Spring Hill will consist of two- and three-bedroom townhomes with an average size of 1,144 square feet. Additionally, there will be separate two-bedroom apartment units available.
Residents can look forward to various amenities such as an outdoor kitchen, fitness studio, playgrounds, swimming pool,and pickleball/basketball courts within the community. Located just five miles from Moffitt Cancer Center,the development offers convenient access to healthcare services.
Florida is seeing a rise in built-to-rent communities being developed,such as Stark Enterprises’ Summer Pointe Village with 454 units currently underwayin Summerfield.Additionally,a casita-style project called Havens at Palm Bay is expected to open its doors in Palm Bay,in collaboration between Stellar Communitiesand Adam America Real Estateby2026.
This news was originally reported on Connect CRE’s website under “Tampa-Area Investor Secures BTR Construction Loan.”
