The developers behind a new 24-story downtown St. Petersburg tower have secured a $135 million construction loan as construction is about to begin.<\/p>\n
The loan to the firms Focus Development and Bradford Allen was originated by San Antonio, Texas-based Affinius Capital.<\/p>\n
Affinius announced the financing package but did not disclose the terms.<\/p>\n
The tower is the 24-story 275 5th Street building. The property is two blocks south of Central Avenue and being planned as mixed-use development with 373 apartments and 6,384 square feet of retail.<\/p>\n
The apartment mix will include junior one-bedroom, one-bedroom and two-bedroom units with an amenities package that has an outdoor swimming pool and sun deck as well as coworking space and resident lounges.<\/p>\n
Construction is expected to begin soon, and plans call for it to be finished in 2028.<\/p>\n
The project is being developed by Focus \u2014 which Pinellas County property records show bought the property in 2023 for $20.25 million \u2014 and Bradford Allen. Both are based in Chicago.<\/p>\n
In the statement announcing the loan, Affinius Capital\u2019s co-head of debt originations Eric Cohen said the project \u201cis exactly the kind of institutional-quality asset we look to back\u201d citing demand for urban apartments in St. Petersburg.<\/p>\n
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