Altman Cos. receives financing to start Alta­s at Grand Cypress

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 Altís 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.