The Real Deal Miami

Altman borrows to build property it may sell to lender

The Boca-based firm got an $18.7 million loan to build a 392-unit rmultifamily property in Tampa
November 20, 2016 05:00PM

Joel L. Altman, chairman of The Altman Companies

Joel L. Altman, chairman of The Altman Companies

The Altman Companies of Boca Raton obtained an $18.7 million loan to build a multifamily housing complex in Tampa — and may sell the property to the lender as part of the deal.

Atlanta-based Preferred Apartment Communities Inc. (PAC) loaned the $18.7 million to Altman for its planned 392-unit multifamily housing complex, part of a master-planned community in Tampa called Wiregrass.

Altman also gave PAC “an option to purchase the multifamily community following stabilization at a discounted price to market,” according to a statement issued by the lender.

The master-planned Wiregrass community in Tampa is approved for more than 10,000 homes, 2.7 million square feet of retail stores, 2.6 million square feet of offices, 1 million square feet of industrial space and a 138-acre sports complex. Wiregrass would encompass an office campus for 750 employees of financial services firm Raymond James.