Altman borrows to build property it may sell to lender

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.