Cascade secures $110 million refinancing for Tampa aparthotel

US: Real estate investment group Cascade Investment has secured a $110 million interest‑only, five‑year fixed‑rate loan from PGIM Real Estate for the refinancing of Asher Residences in Tampa.

Cascade received the five-year, interest-only, fixed-rate loan from PGIM Real Estate.

Asher Residences is a 22-storey building that forms part of the wider Water Street Tampa development. Completed in December 2021, the property contains 490 residential units, including 97 furnished apartments operated under the ROOST hotel brand.

The hybrid model caters to both long-term residents and short-term visitors, particularly those attending events at the nearby Amalie Arena and Tampa Convention Center.

Water Street Tampa is a large-scale, mixed-use regeneration project valued between $3 billion and $4 billion. Spanning approximately 56 acres, the site was formerly made up of surface parking and vacant land. Its first phase, which includes residential, office, hotel and retail components, is now complete, with further phases in progress.

The development is led by Strategic Property Partners, a joint venture between Cascade Investment and Jeff Vinik.

Highlights:

• Cascade Investment has refinanced the Asher Residences in Tampa with a $110 million, five‑year, interest‑only fixed‑rate loan from PGIM Real Estate.

• The 22‑storey Asher Residences was completed in December 2021 and includes 490 apartment units, of which 97 are furnished and operated under the ROOST hotel brand.

• Water Street Tampa is a $3 billion to $4 billion mixed‑use development across 56 acres; its initial phase comprising residential, office, hotel, and retail is complete, with further construction underway.