Financing in place, $350 million tower project enters new phase

TAMPA — Developers of the $350 million Riverwalk Place condo tower in downtown Tampa have secured $24.5 million in construction financing from Mosaic Real Estate Credit LLC.

At more than 50 stories, Riverwalk Place will be the tallest tower on the Gulf Coast of Florida when it’s completed in about three years. The project, set to rise on the west side of the Hillsborough River, is jointly led by West Palm Beach-based Two Roads Development and Tampa-based Feldman Equities LLC.

According to a press release, Mosaic’s investment will help prepare the foundation for the tower, including the demolition of the existing CapTrust building. The Calabasas, Calif.-based firm previously worked with Two Roads Development on Elysee, a 57-story tower under construction in Miami.

“This financing represents the next important milestone in our project plan,” states Reid Boren, managing partner of Two Roads Development, in the release. “We are quite pleased to be working again with Mosaic and their wonderful team, and we are excited to begin the next phase of our work.” 

Interest is high in Riverwalk Place, the release states, with buyers already placing deposits on more than $80 million in condominiums.