WASHINGTON, DC — Love Funding announced the closing of a $50.9 million loan for the construction and permanent financing of Phillips Sur Club, a proposed apartment complex in St. Petersburg, FL.
Financing for this project was secured by Love Funding director Ken Charbauski through the US Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program. The program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.
Sur Club is located in St. Petersburg’s Skyway Marina district, which is a redevelopment area of the city for business, retail and residential, five miles south of downtown St. Petersburg.
Sur Club will feature 296 units, an interior courtyard, two swimming pools and attached parking garage. The Sur Club site borders a newly constructed mini-storage and two outparcels targeted toward future restaurant development.