Red Apple secures $252M in financing for 400 Central
The New York-based Red Apple Real Estate has secured $252 million in financing for the construction of its in-progress 46-story luxury residential tower in downtown St. Petersburg.
The financing for The Residences at 400 Central project is provided by Bank OZK, according to Red Apple’s Friday announcement. Bank OZK, (Nasdaq: OZK) through its Real Estate Specialties Group (RESG), is one of the most active construction lenders, participating in significant projects, including the mixed-use Water Street Tampa development.
The Residences at 400 Central.
The 1.3 million-square-foot project, which is currently underway, will include 301 luxury condominiums with views of downtown and the Gulf of Mexico, retail, restaurants, a rooftop terrace and up to 40,000 square feet of Class A office space.
“We are thrilled to be partnering with Bank OZK, as they are a leader in real estate finance nationally,” John Catsimatidis Sr., founder of Red Apple Real Estate and principal of the development company sponsoring the project, said in the release.
New York billionaire John Catsimatidis Sr. of the Red Apple Group (left) and architect Bernardo Fort-Brescia. Photo by Veronica Brezina.
“They see the same opportunity we do in downtown St. Petersburg – a flourishing, artistic and walkable city on located on Tampa Bay with fantastic weather, a plethora of restaurants, shops, museums – all in close proximity to the Gulf beaches, fishing, golf courses and a host of outdoor and indoor recreational and cultural activities. Buyers from across Florida and beyond are looking here for their next home.”
The foundation of the tower is complete and general contractor Suffolk Construction Company Inc. has installed 80% of the steel-reinforced concrete pilings that are up to 72 inches in diameter and upwards of 180 feet deep to support the new structure.
Vertical construction of the tower is scheduled to commence by March. At completion, it be the tallest tower in the city at 515 feet high.
Catsimatidis previously told the St. Pete Catalyst he will have a residence in one of the penthouses.
