Tampa condo development lands $117 million construction loan
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 18, 2024

The first phase of a condominium development under construction in the Westshore Yacht Club has secured a $117 million construction loan.

The 77-unit Aqua at Westshore Yacht Club, which broke ground in April, is financed by S3 Capital Partners, according to Smith and Associates Real Estate, which is marketing the condos for sale. A team from JLL Capital Markets represented the developer, Westshore Group, in the transaction.

Mortgage documents for the loan have not been filed in Hillsborough County as of Thursday. Nine-figure construction loans aren’t common in the Tampa Bay region. Two other condo developers have closed loans in that range this year: Miami-based Related Group for The Ritz-Carlton Residences, Tampa, and Delray Beach-based Kolter Urban for Art House.

At completion, Aqua will include three condo towers, all of which face westward to maximize sunset views. The development is under construction on the last vacant parcel in Westshore Yacht Club.

“Securing the construction loan on the heels of back-to-back hurricanes in Tampa was no easy feat,” Carlos Avila, Aqua marketing director, said in a statement. “This loan highlights the continued desirability of Tampa Bay and the fact that in difficult weather circumstances, nothing compares to the peace of mind that a new, elevated condominium residence offers.”

Coastal Construction is the general contractor of Aqua. Condos start at $1.5 million.

“We are honored to have partnered with Westshore Group to successfully arrange and structure the financing for AQUA at Westshore Yacht Club — which represents one of the largest condo construction financings in the history of the Gulf Coast of Florida,” Max La Cava, managing director, JLL Capital Markets, said in a statement.