DALLAS--(BUSINESS WIRE)--Transcontinental Realty Investors (TCI) and Abode Properties (Abode) recently closed the construction loan on its newest development, Sawgrass Creek Phase II in New Port Richey, Florida.
The luxury Class A property will offer modern amenities such as a resort style pool and clubhouse, state of the art fitness center, walking paths with tot lot, bocce ball court, and a fire pit with benches. The property also offers 66 personal garages, rentable storage units, and covered bike storage.
New Port Richey, Florida blends nature, beaches, shopping, restaurants, and culture with a small-town feel. The city hosts many festivals and special events throughout the year. Its unique river front landscape and historical downtown and main street make New Port Richey an exciting place to live.
“Phase II at Sawgrass Creek is a stunning example of our organization’s strategy to develop land we already own to expand our asset footprint,” commented TCI’s President and CEO Daniel J. Moos.
TCI partnered with lender, Synovus Bank, a Georgia-chartered, FDIC-insured bank. Synovus Bank, together with its affiliates, provides commercial and retail banking, investment, and mortgage services to customers through 28 locally-branded divisions, 248 branches, and 328 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank was recognized as America's Most Reputable Bank by American Banker and the Reputation Institute in 2017, and was named “Best Regional Bank, Southeast” by MONEY Magazine for 2016-17.
“We are very pleased to be working with TCI on financing this development. These will be great new units in an area that is experiencing nice growth,” added Stephen Hodges, Director, Synovus Corporate CRE Banking.
Transcontinental Realty Investors (www.transconrealty-invest.com) maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, developing, and sale of real estate across every geographic region in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol "TCI". Transcontinental produces revenue through the professional management of apartments, office buildings, warehouses, and retail centers that are "undervalued" or "underperforming" at the time of acquisition. Value is added under Transcontinental ownership, and the properties are repositioned into higher classifications through physical improvements and improved management. Transcontinental also develops new properties, such as luxury apartment homes principally on land it owns or acquires.
Abode Properties is a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI), a Dallas-based real estate investment company. Abode’s investment and strategic focus is to acquire, develop, and operate a portfolio of desirable multifamily residential properties, while capitalizing on our ability to obtain long term and static debt structures. The portfolio stands to benefit from historically established, proven, and successful operational practices, seasoned on-site management, and an experienced leadership team with forward thinking capabilities in order to realize maximum cash flows and consistent returns, while maintaining unequaled resident and customer service. We are disciplined and prudent allocators of capital and we will continue growing our geographically diverse portfolio from the Southwest to the Southeast. These markets are geographically located in areas of the country that correspond with both sustainable and viable economic growth activity.