Valley Bank closes $650+ million in commercial real estate loans in Tampa Bay for 2019

TAMPA, Fla. - Feb. 19, 2020 - PRLog -- Valley Bank's Tampa Bay commercial real estate (CRE) division closed on $650+ million in loans for 2019, playing a role in many of the area's most significant development projects.

Valley's Tampa Bay CRE lending team, led by Vince Chillura and Trey Korhn, has provided financing for high-profile projects like the Armature Works food hall, the Midtown Tampa mixed-use development, the former Austin Center office complex recently renamed as Westshore City Center, and the Stovall House on Bayshore Boulevard.

"We focus on using our market knowledge and leveraging our local relationships to help real estate investors and developers reposition property and add value," said Vince Chillura. "Every geographic market is different, so it's important to our clients that we know Tampa Bay and what works here."

Everyone on the development team needs to be creative to make urban projects a success. To accomplish large projects like the Bromley Companies' 25-acre Midtown Tampa project, that starts with finding, financing and assembling land, followed by demolition and infrastructure improvements.

"This is a first-class project that will benefit the City of Tampa for years to come, but it actually started over 20 years with their first land acquisition," said Trey Korhn. "We are honored to have played a role in financing the land assemblage and horizontal development, helping The Bromley Companies and the Haines Family take this project from vision to reality."

Valley's team works hand-in-hand with the developer to work through issues and challenges.

For example, the Armature Works food hall on Tampa's Hillsborough River was a long dormant former streetcar storage warehouse. Working with city officials, it now houses the Heights Market, a coworking facility, and event space. The redevelopment added value for visitors and foodies, but also homeowners: According to Zillow, many homes in the adjacent neighborhood have doubled in value in four years.

"The commercial real estate outlook for 2020 is robust," said Al Rogers, Valley's Executive Vice President and Chief Lending Officer. "With a healthy economy, favorable interest rates and new residents every day, Tampa Bay is uniquely suited for growth driven by smart investors, many of whom are choosing Valley for our market expertise and lending capabilities."

About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $37.5 billion in assets. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing exceptional service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. To learn more about Valley, go to http://www.valley.com or call our Customer Service Center at 800-522-4100.