Miami-based Key International has secured $121 million in financing for Amara Bay Residences & Marina, Tampa Bay, Florida.
The financing was led by Abanca USA financial group which will fund the construction of the project to include a 150-slip marina – consisting of 30 wet slips and 20 dry stack slips, resort-style amenities, 415 luxury apartments and a restaurant.
“Securing this construction financing marks a significant milestone for the transformative development of Amara Bay,” said Michael Vassilaros, chief investment officer at Key International.
“Our vision is to create one of the most sought-after multifamily communities in the country, furthering our legacy of developing distinctive destinations around the world.”
The project was first approved in 2022 and construction began on the 39 acre site in 2024.
Long-term durability
As part of the work, the team will raise the existing seawall to 6 feet in height along the site’s perimeter and use concrete throughout the development for long-term durability.
The project will also feature more than 3,000 linear feet of walkable waterfront, a dedicated kayak launch and marina access.
Key International was founded in 1970 and has been involved in more than $8 billion in real estate transactions, developing more than 10 million square feet of property across a variety of sectors.
Abanca USA, is the US branch of Abanca Corporación Bancaria, an international financial group headquartered in Spain.
The organisation operates in 11 countries and combes traditional banking services with the latest financial technology.
