Big Miami Condo Lender Renews At Tampa Bay Times Offices
One of Miami's big condo lenders is staying put at the Tampa Bay Times' offices.
Bank of the Ozarks has renewed nearly 17k SF at 490 First Ave, the eight-story, 240k SF office building in Downtown St. Petersburg that is also home to the Times Publishing Co's local daily newspaper. The deal comes on the heels of Denholtz Associates' purchase of 490 First Ave from Times Publishing earlier this year in a JV with Convergent Capital Partners for $19M.
The deal saw the Tampa Bay Times lease back more than 100k SF for 15 years, according to reports. Denholtz also is funneling an unspecified amount of money into renovating the building. Bank of the Ozarks is a fairly prolific lender to many in South Florida's multifamily community, especially in condominium projects.
As we previously reported, Bank of the Ozarks' George Gleason told stock analysts he was confident in the firm's Miami loan portfolio despite the strengthening dollar and condo sales slowdown.