Miami Lakes-based BankUnited loaned $58 million for the acquisition and renovation of a 31-story office building in downtown Tampa.
The borrower, Miami-based Banyan Street Capital, is the new owner of the Rivergate Tower, erected in 1988 with a cylindrical design and a limestone facade at a cost of $150 million.
“We are pleased to be able to work with Banyan Street Capital to provide financing for this iconic building and its restoration,” Thomas M. Cornish, BankUnited state president for Florida, said in a prepared statement.
Rivergate Tower, located at 400 North Ashley Drive in Tampa, has an underground parking garage with 735 spaces, a steakhouse restaurant, a fitness facility and conference space.
Banyan Street Capital plans improvement’s to common areas including elevator cabs, bathrooms, corridors and the lobby. – Mike Seemuth