Hillsborough County’s commercial real estate sector is experiencing significant activity, marked by substantial refinancing deals, property sales, and new development loans. Recent transactions highlight a dynamic market with investors capitalizing on opportunities across multifamily housing and land development, signaling continued growth and investment in the region.
Multifamily Refinancing and Development
Investors have secured a $56.62 million loan to recapitalize The Easton Riverview, a 300-unit garden-style apartment community in South Hillsborough County. This financing from Mesa West Capital allows for the payoff of construction loans and provides flexibility for future sale or permanent financing. The property, built in 2023, features amenities such as a pool, fitness center, and EV charging stations.
Additionally, a $50 million bridge loan was obtained for a multifamily complex in Plant City. Hillpointe, the developer, secured this interest-only loan from NewPoint Real Estate Capital, which is expected to aid in the property’s lease-up process. Hillpointe has a significant portfolio of residential and multifamily assets across the Southeast.
Notable Property Transactions
Big Cat Rescue has sold a substantial portion of its Hillsborough County property for $19.5 million to a developer. The funds will support the organization’s mission to protect wild cats and care for its animals in Arkansas. The sale is part of a larger plan that includes the development of approximately 280 townhomes and 300 apartments on the former sanctuary land.
Other significant transactions include the sale of agricultural land in Wimauma for $32.3 million and vacant commercial land in Tampa for $10.8 million and $8 million, respectively. These deals underscore the diverse investment landscape within Hillsborough County.
Key Takeaways
- A $56.62 million refinancing deal was completed for The Easton Riverview, a 300-unit apartment community.
- Big Cat Rescue sold a large portion of its property for $19.5 million, with plans for residential development.
- A $50 million loan was secured for a multifamily complex in Plant City.
- Several significant land transactions occurred, including agricultural and commercial parcels.
Market Activity Overview
The commercial real estate market in Hillsborough County is characterized by robust activity. Recent reports show a variety of transactions, including:
- Agricultural Land Sale: CW-Berry Bay LLC purchased agricultural land in Wimauma for $32,344,300.
- Vacant Commercial Land Sales: Balcones Recycling Inc. acquired vacant commercial land in Tampa for $10,800,000, and Two Palms Property Owner LLC purchased another parcel for $8,000,000.
These transactions, alongside the refinancing and development deals, indicate a healthy and active commercial real estate market in Hillsborough County.
Sources
- Investor Trio Inks $56.6M Refi for Hillsborough County Rental Community, Connect CRE.
- Big Cat Rescue sells large portion of Hillsborough property for $19.5M, FOX 13 Tampa Bay.
- $50M loan secured for Hillsborough County multifamily complex, Business Observer.
- The week’s top commercial real estate transactions in Charlotte, Collier, Hillsborough, Lee, Manatee, Pasco,
Pinellas, Polk, Sarasota, Business Observer.