Multifamily community in Tampa Bay area gets $31.1M construction loan

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Credit: Cedarwood Development

M&T Realty Capital Corp. landed a $31.1 million construction loan for Blue Heron Lakes, a 192-unit, market-rate apartment community in the Tampa Bay area, Re Business Online reported.

M&T Realty originated the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) program on behalf of the project developer Cedarwood Development.

Blue Heron Lakes is the second phase of the Blue Heron community. The property will include a mix of one-, two- and three-bedroom units with granite countertops and private screened balconies or patios.

The developer hasn’t disclose a construction timeline.

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