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The Boca Raton-based Altman Cos. reports it has acquired construction financing of a $18.4 million loan through City National Bank of Florida with equity provided through Sarofim Realty Advisors and Altman to develop a 258-unit rental community in New Tampa.
The company has started on the AltÃs at Grand Cypress on a 20-acre site on the west side of Livingston Road and south of Highway 54 in Pasco County.
Altman, working as Grand Cypress-Tampa LLC, acquired the property in October 2008.
The apartment complex will feature 17 two-story buildings, all with private entrances. Its amenities will include a clubhouse with a large fitness center, swimming pool, large playground and multiple picnic/BBQ areas.
The first units are scheduled to be delivered in July 2012 and pre-leasing is scheduled to begin May 2012.
Altman Contractors Inc. will be the general contractor for the new community.
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