December 1, 2016 – First Housing Development Corp. originated and closed $60,890,000 in permanent, fixed-rate debt through its HUD/FHA program for the construction of Pearl Apartments, a 314-unit apartment community in Tampa, FL. The loan features a 40-year term and 40-year amortization with a fixed interest rate of 3.54 percent. Pearl Apartments will include three residential buildings of four and seven stories with a central parking structure. Units will have one to three bedrooms and average 1,010 square feet in size. The three apartment buildings will also include 28,500 square feet of retail space on the ground floor. The first move-ins are slated for January 2018.
Pearl Apartments is to be incorporated into the Developers’ overall plan of an $820 million mixed-use development on the Tampa Heights waterfront. The Heights will include the revitalization of Armature Works, which is slated to house a market hall, event space and restaurants. There will also be an expansion of the Tampa Riverwalk and Atlantic Beer & Oyster, a waterfront restaurant.
Pearl Apartments is a joint venture between SoHo Capital and Tampa-based DDA Development.
Batson-Cook and EWI Construction are the general contractors on the project.
Senior Vice Presidents Ed Busansky and Scott Moreman originated the loan for First Housing.