Developer secures $72.5 million construction loan for South Tampa condos
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 24, 2022

A New York private equity firm has provided a $72.5 million construction loan for Altura Bayshore, a 22-story condo tower in South Tampa.

Ronto Group, the Naples-based developer of Altura, secured the loan Jan. 14, according to a mortgage filed in Hillsborough County.

The 73-unit Altura, which is a block off of Bayshore Boulevard on Ysabella Boulevard, has presold $60 million in condos, a spokesman for the developer said Monday. Site work to make way for the tower began in May 2021.

“We are seeing tremendous demand across our developments in Florida, especially at the very high end of the market where buyers are looking for very high quality and active lifestyle amenities,” Anthony Solomon, owner of The Ronto Group, said in a statement. “All the more importantly, this demand is coming from buyers within Florida, plus very strong inflows of residents from out of state, driven by Florida’s economic climate, new company relocations and weather.”

Altura faced several delays early in its presales campaign, which launched in early 2020, just as the Covid-19 pandemic began. The Ritz-Carlton Residences, Tampa, which is just a few blocks south of the Altura site on Bayshore, was proposed after Altura but has already broken ground.