Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $50.9 million loan for the construction and permanent financing of Phillips Sur Club, a proposed apartment complex in St. Petersburg, Florida.
Financing for this project was secured by Love Funding Director Ken Charbauski through the U.S. Department of Housing and Urban Development’s Section 221d4 loan insurance program. The program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.
Sur Club is located in St. Petersburg’s Skyway Marina district, which is a redevelopment area of the city for business, retail and residential, five miles south of downtown St. Petersburg running along U.S. 19. The Skyway Marina district also houses the largest marina on Florida’s west coast, which recently received a $25 million upgrade. Sur Club will feature 296 units, an interior courtyard, two swimming pools and attached parking garage. The Sur Club site borders a newly constructed mini-storage and two outparcels targeted toward future restaurant development.
The Sur Club development team is led by Phillips Development & Realty of Tampa, FL. Reese-Vanderbilt Associates of Atlanta, GA was the design architect and the general contractor is Capstone Building Corp. of Birmingham, AL. The property will be managed by Ovation Management of Tampa, FL.
For more information, contact Ken Charbauski at email@example.com or 202.887.8438.