17 Feb Valley Bank closes $650+ million in commercial real estate loans
TAMPA, Fla. (February 11, 2020) – Valley Bank’s Tampa Bay commercial real estate division closed on more than $650 million in loans for 2019, with the bank’s financing playing a role in many of the area’s most significant development projects.
Valley’s Tampa Bay commercial real estate lending team, led by Vince Chillura and Trey Korhn, has provided financing for high-profile projects like the Armature Works food hall, the Midtown Tampa mixed-use development, the former Austin Center office complex recently renamed as Westshore City Center, and the Stovall House social club on Bayshore Boulevard.
“We focus on using our market knowledge and leveraging our local relationships to help real estate investors and developers reposition property and add value,” said Vince Chillura. “Every geographic market is different, so it’s important to our clients that we know Tampa Bay and what works here.”
Like most cities, Tampa is built out, so this means everyone on the development team from the lender to the architect needs to be creative to make urban projects a success. And to accomplish large projects like the Bromley Companies’ 25-acre Midtown Tampa project, the process starts with finding feasible land.
Valley Bank’s financing for Midtown Tampa helped Bromley assemble the parcels and complete the demolition and infrastructure improvements.
“This is a first-class project that will benefit the City of Tampa for years to come, but it actually started over 20 years with their first land acquisition,” said Trey Korhn. “We are honored to have played a role in financing the land assemblage and horizontal development, helping The Bromley Companies and the Haines Family take this project from vision to reality.”
As a project takes shape, Valley’s team works hand-in-hand with the developer to work through issues and challenges.
An example of how this approach works is the Armature Works food hall on Tampa’s Hillsborough River. Long dormant, the former streetcar storage warehouse is now the home of the Heights Market, a coworking facility, and event space. Soho Capital’s redevelopment didn’t only add value for visitors and foodies, though: According to Zillow, many homes in the adjacent Tampa Heights neighborhood have more than doubled in value in four years.
In addition to the Midtown T ampa and Armature W orks projects, V alley has also facilitated financing for the new boutique Hotel Haya in Ybor City, the Stovall House on Bayshore Boulevard in South Tampa, and the former Austin Center office complex recently renamed as Westshore City Center in the Westshore district, among other projects.
Aparium Hotel Group is developing Hotel Haya, a four-story, 178-room boutique hotel in Ybor City that will open later this year. The Stovall House is a former private estate that is being converted into a private social club by Oxford Commons, the parent company of Oxford Exchange.
The bank is also working with Ally Capital Partners, an investment firm controlled by Franklin Street’s Andrew Wright, that has purchased the 300,000-square-foot, five-building former Austin Center complex recently renamed the Westshore City Center, with plans to renovate and reposition the property.
“The commercial real estate outlook for 2020 continues to be robust,” said Al Rogers, Valley’s Executive Vice President and Chief Lending Officer. “With a healthy economy, favorable interest rates and more people moving here every day, the Tampa Bay area is uniquely suited for growth driven by smart developers and buyers, many of whom are choosing Valley for our market expertise and lending capabilities.”
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $37.5 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing exceptional service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.
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