Developer receives $18.4M loan

TAMPA — The Altman Companies announced that it recently received a $18.4 million construction loan to develop a 258-unit rental community in New Tampa.

The company received the financing through the City National Bank of Florida (CNB), with equity from Sarofirm Realty Advisors and Altman to fund the project, according to a release.

Named the Altis at Grand Cypress, the development is on 60 acres on the west side of Livingston Road and south of Highway 54 in Pasco County. Of the 60 acres, 40 of them will be set aside for a lake and a forested cypress preserve.