Key financing has been arranged to convert a market-rate development to affordable housing in Clearwater, Florida.
Following substantial rehabilitation of The Indigo Apartments, the 208-unit tower will be converted to serve low-income families earning between 30% and 80% of area median income.
Berkadia announced that it has arranged a $20.3 million Department of Housing and Urban Development Section 221(d)(4) loan on behalf of Sunrise Affordable Housing Group.
Senior managing director Tim Leonhard and associate director Jack Leonhard secured the deal.
Other sources of financing include federal low-income housing tax credit equity from R4 Capital, two subordinate loans from the city of Clearwater, and land trust equity from Pinellas County under the Pennies for Pinellas program.
“This is a mission-driven project focused on creating permanent, accessible rental housing options for the people that need them most,” said Sam Caspert, a partner with Sunrise Affordable. “We’re proud to return this building to its original purpose—providing safe, stable, and affordable housing in the heart of Clearwater.”
Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication.