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H&R REIT has created a real estate development trust to develop two Florida multi-family properties.

H&R’s Lantower Expects to Secure US$52M for Two Florida Projects

An H&R REIT subsidiary has tentatively secured US$52 million through a development trust designed to fund two Florida multi-family real estate projects.

Plans call for Toronto-based H&R to buy the projects once they are developed.

Lantower Residential Development Trust announced that it has received expressions of interest and commitments that, altogether, are expected to achieve the maximum $52-million offering amount. The offering is expected to close Wednesday.

The trust was created by H&R’s Texas-based subsidiary Lantower Residential LP to expedite the development of the two Florida multi-family projects, which are valued at US$210 million. The projects are located in Largo, which is part of the Tampa market, and Kissimmee in the Orlando area.

Altogether, the projects will comprise 601 units.

H&R has agreed to provide two land parcels for the projects and invest up to an additional US$10 million if the minimum offering size of US$42 million is achieved. Thomas Hofstedter, H&R’s executive chairman and CEO, said previously that the REIT expects to acquire the properties after they are developed.

Toronto-based CIBC World Markets is serving as the sole agent for the offering. H&R will not receive any proceeds from the deal.


Inside The Story

H&R REITLantower Residential

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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