Updated Jun 29, 2026
Joint Venture Secures $135 Million Loan From Affinius Capital For 275 Fifth Street Development
275 5th Street South
$135,000,000
Units
373
Asset Type
Development Site
Closing
Jun 29, 2026
About this deal
AI
The property asset involved in this transaction is a development site located at 275 5th Street South in St. Petersburg, FL. A $135 million construction loan has been secured for the development of a 373-unit mixed-use multifamily tower, which will encompass 6,384 square feet of ground-floor retail space and stand 24 stories tall. The project is scheduled for completion in 2028.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $135,000,000
- Lender: Eric Cohen - Affinius Capital
- Landlord: Tim Anderson - Focus Development; Jeffrey Bernstein & Laurence Elbaum - Bradford Allen
This transaction involves a joint venture between Focus Development and Bradford Allen. The collaboration aims to enhance the downtown St. Petersburg area through this significant multifamily development initiative.
On the Map
$135,000,000
Development Site
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Players
Firth Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93