The Ardent Companies Lends $34M for Tampa-Area Mixed-Use Project
By Andrew Coen June 9, 2025 2:51 pm
reprints
A joint venture between Legacy Development Partners and Bones Investment Group has landed a $34.3 million loan for a planned mixed-use project half an hour north of Tampa, Fla., Commercial Observer has learned.
The Ardent Companies provided the loan — which refinances existing debt and funds additional capital costs — for the sponsorship’s Abbey Crossings development in San Antonio, Fla., according to a source familiar with the deal. The developers acquired the roughly 300 acres of vacant land in Pasco County for an undisclosed purchase price in November 2023.
“Ardent is pleased to play a role in bringing the Abbey Crossing mixed-use development to life,” Matt Shulman, CEO of the lender, said in a statement. “This deal marks a key milestone in unlocking long-term value in a high-growth corridor.”
BayBridge Real Estate Capital arranged the financing with a team consisting of AJ Felberbaum, Jay Miller, Spencer Miller, Noah Rothman and Dan O’Mahony.
Located at 11446 McKendree Road, 30 miles north of Downtown Tampa, the Abbey Crossings development is slated for more than 1,000 residential units, over 600,000 square feet of warehouse and distribution facilities, and 400,000 square feet of office space. McCraney Property Company is also developing a 299,030-square-foot industrial project on a portion of the site it acquired from Legacy and Bones.
“We are excited for the amazing growth in Pasco County and are honored to bring great projects and tenants to the area and have them become pillars of this community,” Teal Henderson, CEO of Bones Investment Group, said in a statement.
The Abbey Crossings development is just east of another big mixed-use project, Double Branch, where real estate developer Columnar has commenced a 965-acre project featuring 4.5 million square feet of industrial space, 1 million square feet of office space, 500,000 square feet of retail, 3,500 townhomes and 200 acres of parks.
Officials at Legacy Development Partners did not immediately return a request for comment. BayBridge declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
