Friday, August 24, 2007

Tampa's Westshore to Gain Sought-After Residential Component

TAMPA, Fla., Aug. 23 /PRNewswire/ -- Representatives from Phillips
Development & Realty, LLC (PDR) announced today the closing of construction financing of Le Jardin, a 401-unit, Class A apartment community in Tampa's desirable Westshore business district.
The $69 million financing deal is the second largest in PDR's history. Le Jardin is the company's most fiscally significant project in the Tampa market to date and is proving to be PDR's largest development ever based on number of units per single phase. The community will bring upscale, conveniently located dwellings to a prestigious area which previously lacked a residential component.
"Every project site we choose is carefully considered to achieve the best possible outcome for residents and investors," said Donald Phillips, Managing Director for PDR. "We are especially proud to begin Le Jardin since it's an opportunity to invest in our own community."
Senior contributing lenders included Fifth Third Bank, US Bank and Compass Bank. Mezzanine funding was provided by Ameritone Properties of Englewood, Colo., a division of Archstone-Smith.
"The location of Le Jardin apartment community is attractive to prospective residents and neighboring businesses alike. Fifth Third is pleased to be a part of the newest trend in urban living," said Audrey Hirst, Vice President of Fifth Third Bank, a primary lender for the project.

Le Jardin's proximity to businesses and shopping will cut traffic time for on-the-go residents. The International Boulevard location is close to both Tampa's International Mall and Airport, ideal for young professionals.

For more information on Le Jardin and other PDR projects, visit http://www.PhillipsDevelopment.com, or contact Jack King, VP of Operations, at (813) 868-3100 Ext. 116.


About Phillips Development & Realty, LLC

Since 2001, Phillips Development & Realty, LLC (PDR) has carefully chosen projects with the interest of communities, the environment, and investors. Providing upscale residential and mixed-use developments, PDR is experienced with urban infill, and helps communities grow wisely. PDR selects desirable, often challenging locations and strives for functional, livable and aesthetically pleasing plans. Award winning and recognized in all facets of the real estate and development industry, PDR is committed to consistently exceeding industry standards. For more information, visit PhillipsDevelopment.com.

No comments: