SunTrust Bank announced today that it has provided a $75 million loan to The Related Group to refinance Town Westshore, a 396-unit luxury waterfront apartment project located in Tampa, Florida. Rebecca M. Cox, senior vice president at SunTrust Commercial Real Estate, was the lead on the transaction.
“SunTrust is pleased to provide a long-term financing solution for this world class development team and project. Town Westshore is a resort-style, waterfront community conveniently located to several major employment centers across Tampa. This is a testament to SunTrust’s deep ties and commitment to the I-4 corridor community from Orlando to Tampa,” said Cox.
“SunTrust has been an extraordinary partner since the inception of this project, providing both construction and now permanent financing. We greatly appreciate their commitment to Town Westshore and our platform. With their support we created one of the top luxury apartment developments in the Tampa area,” said Ben Gerber, vice president of finance for The Related Group.
The development offers luxury amenities, including: a clubhouse with catering kitchen, bay-front health spa, beach-entry swimming pool, and a water walkway. The community also has cutting-edge technology, from electric car charging in the secure, gated garage, to the controlled-access parcel room complete with refrigerated storage for grocery deliveries.
The waterfront community is conveniently located near Downtown Tampa, St. Petersburg, the beaches and the bay. The new development will additionally be joined by a marina, retail space, restaurants and other residential options making the immediate area a true place to live, work and play.
About SunTrust Commercial Real Estate
SunTrust has built a full suite of commercial real estate banking capabilities – from capital raising to loan servicing, from private operator to REIT, from community capital to seniors housing – to provide specialized industry and market expertise. Our clients need a wide variety of capabilities, efficient decision-making, responsiveness and specialized expertise to deliver the best solutions to keep their projects moving forward and on track to deliver targeted returns. With almost $18 billion in committed capital to our Commercial Real Estate clients, we have a dedicated focus on the industry, and an ability to use The SunTrust OneTeam Approach®, to bring you financial advice from across the Bank.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2019, SunTrust had total assets of $220 billion and total deposits of $162 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
About The Related Group
Established in 1979, The Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception, the privately held company has built, rehabilitated and managed over 100,000 condominium, rental and commercial units. The firm is one of the largest Hispanic-owned businesses in the United States with a development portfolio in excess of $40 billion in 40 years.
The Related Group has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers and affordable properties – often in emerging neighborhoods that impact the lives of all demographics. The Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities’ global culture and streetscapes.
TIME Magazine named Founder, Chairman and CEO of The Related Group, Jorge Pérez, one of top 25 most influential Hispanics in the United States. Currently, The Related Group has over 70 projects in varying phases of development.
