Banesco USA and ABANCA USA Announce $35.9 Million Syndicated Loan to Finance Multifamily Project in Tampa, FL

TAMPA, Fla., Oct. 7, 2021 /PRNewswire/ -- Banesco USA announces a syndicated loan in the amount of $35.9 million with ABANCA USA for development of a 251-unit multifamily rental apartment property in Tampa, FL. Banesco USA is the leading bank in the transaction with $21.5 million and ABANCA with $14.4 million.

The wrap-style apartment building will be six stories tall with 83 apartment units designated as microunits. Microunits allow developers and future renters to make the most of every square foot. The units will utilize robotically controlled furniture that saves space and adds extra storage with convenience. The building will be serving the community with a convenient location right next to the University of Tampa campus.

"There has been much anticipation about Banesco USA's expansion into central Florida, especially along the crucial I-4 corridor which connects the major highways of I-75 in the west and I-95 in the east," said Brian Barroso, SVP Corporate Lending of Banesco USA. "The apartment property will open in 2023 and enable residents to enjoy Tampa's quality of life and continued growth."

For more information, visit BanescoUSA.com.

About Banesco USA
Founded in 2006 and based in Coral Gables,?Banesco?USA is an independent Florida state-chartered bank (https://BanescoUSA.com/OFR-Cert-of-Good-Standing.pdf) with $2.06 billion in assets as of?June 31, 2021. The bank has four branches in South Florida: Coral Gables, Hialeah, Aventura, and Brickell; and one in San Juan, Puerto Rico. Banesco?USA. Visit?www.BanescoUSA.com?for additional information.

About ABANCA USA
ABANCA USA is an International Branch based in Miami and regulated by the FRB and the OFR. It is part of ABANCA Corporacion Bancaria Group, a financial institution based in Spain, with presence in 11 countries in Europe and America, 6,000 employees and a turnover of 100 billion euros. ABANCA USA's flexible offering is tailored to fit client needs through a well-structured portfolio of products focused on global and sustainable services, to support clients through all domestic and cross-country operations. Its differential value proposal combines personal attention with remote operations delivered through digital channels as part of its commitment to international clients. For more information, visit: www.abancausa.com.

Media Contacts
Jessica Wade Pfeffer | 305-804-8424 | [email protected]
Tyler Sminkey | 786-390-8510 | [email protected]

SOURCE Banesco USA