ResiBuilt has secured a $38 million construction loan for GroveParc Townhomes, a 190-unit built-to-rent development in Wesley Chapel, Fla. The borrower acquired the 48-acre site located within the Tampa metro area this spring from Blue Pointe Builders, which began work on the project in March 2022. JLL arranged the financing through a regional bank.
Slated for completion in January 2025, the project is set to include three-and four-bedroom two-story townhomes with private backyards and one-car garages. Amenities at the upcoming gated community are slated to encompass a swimming pool, fitness center, dog park, playground, clubhouse and pickleball courts. Design Styles Architecture is the designer behind the project.
Located at 6568 Halo Bend Court, GroveParc Townhomes will be next to Interstate 75, connecting it to downtown Tampa, which will be some 25 miles southwest. The Grove at Wesley Chapel shopping center will be within a mile of the upcoming property.
Senior Director Max La Cava, Managing Director Matthew Putterman and Director Drew Jennewein of the JLL Capital Markets Debt Advisory team worked on securing the construction financing.
The Florida BTR market continues to see strong development and investment activity, particularly fueled by job growth. Just last month, Blue Vista Capital Management acquired the 190-unit Keys at Wildwood, a BTR cottage-style project in Oxford, Fla. In May, JPMorgan Asset Management paid $59 million for Cantabria Bradenton, a 184-unit SFR development in Bradenton, Fla., sold by Lennar and Wolfson Development Co.
