The Florida based investment and development company, Index Investment Group, secures a $103 Million non-recourse financial package from H.I.G Capital, for their 444 unit multifamily rental apartment complex, The Pointe on Westshore.
The Pointe on Westshore which is a 444-unit, class-A multifamily community is located in Tampa, FL on a 23-acre site, and upon completion will amount to 27 buildings across 689,250 square feet. This property’s design entails six five-story elevator buildings, 14 carriage buildings, a clubhouse and leasing center, and a pool house. Garages will also be included for the residential buildings on the ground floors, in addition to the open paved parking spaces which makes a total of 807 spaces.
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The unit mix of one-, two-, and three-bedroom apartments will be furnished with vinyl wood flooring, dressing rooms, ceiling fans, fancy light fixtures, full-size washing and drying machines, private verandas or balconies, stainless-steel kitchen appliances, and classy bathroom suites. Other amenities are also included for residents to enjoy the benefits of a resort style heated swimming pool and lap pool, a clubhouse with offices for leasing, a game room, exposition kitchen, mail center and package room, fitness facility, dog park, and other indoor and outdoor gathering areas.
“The teams at H.I.G and Meridian were very professional, quick and easy to work with, they were involved in every step of the way to closing,” said the Chairman and CEO of Index Investment Group, Bjarne Borg.
“It was a pleasure working with HIG and the Index team. We are happy to be a part of this transaction, which provides Index liquidity to further grow their portfolio of first-class developments,” said Mr. Betesh.
“We are excited to finance a best-in-class property located in one of the most desirable submarkets in Tampa, FL,” said the Managing Director at H.I.G. Realty Partners, Michael Mestel. He also stated, “The Sponsor has constructed a terrific property, and we are confident it will be well received by the market.”
