Joint Venture Secures $135 Million Loan From Affinius Capital For 275 Fifth Street Development

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.