Fort Lauderdale-based real estate development company BTI Partners has secured a $ 92 million home loan for the first phase of Marina Pointe, a luxury three-tower waterfront development along Tampa Bay. Bank OZK is the lender. Walker & Dunlop’s executive director, Eric McGlynn in Miami, arranged the mortgage.
Marina Pointe, currently under construction in the heart of the Westshore Marina District, is the result of a joint venture between BTI Partners and Westport Capital Partners based in Stamford, Connecticut. Westshore Marina District is a 52 acre mixed-use community that celebrates Tampa’s waterfront lifestyle and is committed to healthy living.
The transaction for one of the largest condominium home loans in Tampa closed in late December. The first phase of Marina Pointe consists of a 17-story apartment tower with 120 residential units, 78 harbor slides and 32,151 square feet of retail space. BTI Partners laid the foundation stone for the first tower in the summer and it will be completed in 2022. Marina Pointe will eventually include two more towers with a total of 227 apartments and additional harbor slides.
“Marina Pointe raised the bar for waterfront living in Tampa, St. Pete and increased the demand for luxury condominiums in that market,” said Noah Breakstone, CEO of BTI Partners. “Since the outbreak of the pandemic, people from the Northeast and the Midwest have been moving to the Tampa market. This migration has further fueled additional demand for Marina Pointe, where residents can enjoy the safer outdoors and direct access to waterways and restaurants, among others Resort Style Amenities. To top it off if you’re a boater, Marina Pointe is the only new luxury condominium with a private marina in the Tampa / St. Pete Market. “
Located just south of downtown Tampa, it offers a unique proposition for shoppers looking for luxury amenities, a private marina, and a walkable lifestyle. The Westshore Marina District includes 1.5 miles of waterfront walking trails with a variety of restaurants and shops. The community planned by the master also houses two luxury multi-family communities with a total of 747 residential units and one residential community for sale, which will comprise 155 residential units after completion.
The residential tower at Marina Pointe has state-of-the-art facilities, including a 24-hour porter / concierge, fitness center, an equipment platform overlooking the marina, a club with entertainment room and a virtual golf simulator. Individual apartment sizes range from 1,750 to over 4,500 square feet and offer a variety of floor plans ranging from two to five bedrooms. The apartments have private elevators, ceilings up to three meters in length, floor-to-ceiling glass walls and windows, and oversized balconies with panoramic views of Old Tampa Bay and downtown St. Petersburg.
BTI Partners is a third generation development company led by Noah Breakstone. The company has over 30 years of luxury real estate development experience. To date, over 17,500 units have been developed in Florida. As a joint venture partner of BTI Partner, Westport Capital Partners is a private real estate investment firm focused on creating long-term value through high quality investments in select real estate, operating companies, securities and other real estate-related assets in leading global markets.
Eric McGlynn of Walker & Dunlop played a key role in identifying bank OZK as an ideal source of capital.
“We are delighted to have helped fund this particular project,” said McGlynn. “Marina Pointe offers waterfront living, your own marina slips for sale, access to restaurants and shops, and proximity to downtown.”
Walker & Dunlop has one of the strongest networks in the industry with over 250 sources of capital. The company took out $ 5.9 billion in brokerage loans from January to September 2020, up 21.6 percent over the same period in 2019.
“Bank OZK is pleased to finance Marina Pointe,” said Greg Newman, Managing Director / Originations at Bank OZK’s Real Estate Specialties Group. “Marina Pointe embodies the high standard that Bank OZK consistently strives for in its project financing – marquee properties, solid market foundations and first-class sponsorship. Noah Breakstone and the team at BTI Partners are creating a better place to live, work, visit and play in their home state. We appreciate the opportunity to be the only senior secured lender on this project and look forward to a very successful execution. “
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), offers priority secured finance for commercial real estate construction projects across the country. RESG is recognized as an outstanding, market-leading home builder changing skylines in the United States. Further information is available at www.ozk.com.