The Real Deal Miami

Joint venture borrows $6.75M to finance acquisition of Tampa landmark

The office building with a ground-floor restaurant was built on West Kennedy Boulevard in 1925
August 26, 2018 02:00PM

442 West Kennedy Boulevard in Tampa (Credit: NewsFunnel-com)

A joint venture borrowed $6.75 million to finance a 37,400-square-foot, mixed-use property west of downtown Tampa with office space and a restaurant.

Tricera Capital and Gainco Companies formed a joint venture that borrowed the money at a fixed interest rate for five years to finance their acquisition and future improvements to the property, a 93-year-old Tampa landmark at 442 West Kennedy Boulevard.

Originally built in 1925, the West Kennedy Boulevard property is near the University of Tampa, which has an enrollment of more than 7,000 students.

The Tricera-Gainco joint venture secured the financing for the building through JCR Capital, which invests on behalf of such clients as insurers, public pension funds, endowments and family offices.

The building has 24,700 square feet of office space and 12,700 square feet of retail space. A fine dining restaurant, Mise En Place, operates in ground-floor space.

Holliday Fenoglio Fowler, L.P. (HFF) helped the joint venture secure financing for 442 West Kennedy Boulevard. HFF senior director Scott Wadler represented the borrower together with HFF director and Tampa native Preston Reid. – Mike Seemuth