Waypoint snags financing for Starkey Ranch apartments

Waypoint Residential has obtained $39.35 million in construction financing for its planned Point at Starkey Ranch apartment project in Odessa, according to property records.

Keybank N.A., of Albany, N.Y., provided the floating-rate financing that matures in late October 2020, loan documents filed in Pasco County show.

The loan was arranged by commercial real estate brokerage firm Holliday Fenoglio Fowler L.P. on behalf of Waypoint, a press release from the brokerage indicates. HFF declined to provide the name of the lender or the amount of the loan, however.

Waypoint, of Atlanta, intends to build its 384-unit, Class A Point at Starkey Ranch community on 17.5 acres at Gunn Highway and State Road 54. The complex, slated for completion in 2019 within Wheelock Communities' 2,500-acre Starkey Ranch master-planned community, is being designed to contain 21 three- and four-story buildings.

Point at Starkey Ranch will feature units that average 1,021 square feet and amenities such as a resort-style swimming pool, poolside grills and cabanas, a fitness facility, clubhouse, Internet cafe, dog park and children's playground, according to the release from HFF.
Founded in 2011, Waypoint has acquired more than 24,000 units nationwide and invested more than $2.3 billion.

In Florida, the company owns or is developing communities in Jacksonville, Tallahassee, Orlando, Tampa, Sarasota and North Port.