TAMPA, FLA. — PGIM Real Estate has provided a $110 million, five-year, interest-only, fixed rate loan to Cascade Investment for the refinancing of Asher Residences in Tampa. The 22-story building is a part of the Water Street development downtown and was completed in December 2021. Strategic Property Partners, the developer of Asher Residences as well as the master developer of Water Street Tampa, is a subsidiary of Cascade Investments.
The community contains 490 units, including 97 furnished residences that are operated as part of a partnership with ROOST Apartment Hotels. These units are designed to meet demand from visitors to the adjacent Amalie Arena and Tampa Convention Center.
Water Street Tampa is an approximately $3.5 billion, mixed-use development spanning about 74 acres of former parking lots and vacant land. Still under development, Water Street Tampa ultimately will deliver about 9 million square feet of office, retail, residential, hospitality, cultural, entertainment and educational uses over the next decade.