Franklin Street Secures $5.975M Construction Loan for Townhome Development Project in St. Petersburg, Fla.
St. Petersburg, Fla., May 14, 2019 – Franklin Street has secured a $5.975 million acquisition & development (A&D) construction loan for Kenwood Townhomes, a boutique townhome community located in the Kenwood Historic District, just west of downtown St. Petersburg. Casey Siggins and Ben Miller of Franklin Street’s Capital Advisors division arranged the 36-month, non-recourse, interest-only, floating rate loan on behalf of the borrower, a Midwest-based residential developer.
The development of these homes confirms the continued revitalization of the Kenwood neighborhood and will add another exceptional housing option to the “live-work-play” lifestyle of downtown St. Petersburg. The property will consist of four (4) two-story buildings, totaling 19 two-bedroom and three-bedroom floorplans after construction is complete.
“This project fits in very well with the overall direction downtown St. Petersburg is heading,” said Siggins, director of loan origination for Franklin Street’s Tampa office. “The developer is going to deliver a high-quality product in one of the hottest real estate markets in the state of Florida.”
“Aggressive construction financing is still available for the right projects and sponsors,” added Franklin Street’s Miller, director of loan origination. “The local banking community wants to partner with builders on residential developments like Kenwood Townhomes that simply make good economic sense.”
Kenwood Townhomes is centrally located at 2611 1st Avenue N, Street. Future residents can take advantage of the nearby Grand Central District, home to many shops and cafes. Residents will also enjoy easy access to some of the best beaches in the country.
