Tampa tower owners get $55 million loan

JLL Capital Markets has arranged $55.7 million in financing through Valley Bank for the 18-story Midtown East office tower in Midtown Tampa.

The 432,000-square-foot tower was completed last year and is a joint venture between Highwoods Properties and The Bromley Cos. Tampa Electric Co. owns 11 floors, where it has its corporate headquarters, and JLL says the financing is for 143,354 square feet of the building.

The $1 billion, 1.8 million-square-foot Midtown Tampa development includes hotel, retail and multifamily components. Its current mix of occupants includes Whole Foods, REI Co-op and Walk-On's Sports Bistreaux along with Marriott-branded Aloft and Element hotels as well as NOVEL Midtown, a 390-unit luxury apartment complex.

Midtown East is the third, and final, office tower in the development. Among the development’s corporate tenants are Booz Allen Hamilton and the Tampa-based technology staffing company Kforce.

The building has floor-to-ceiling glass, covered balconies, high-speed elevators, and ground-floor retail. The office portion owned by Highwood and Bromley is 100% leased.

Terms of the loan were not disclosed.

JLL’s Ed Coco, Evan Pariser, Lee Weaver and Matt Casey represented Highwood and Bromley.