4A — January 17 - 30, 2020 — M id A tlantic
Real Estate Journal
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M id A tlantic R eal E state J ournal Charbauski secures loan through HUD 221(d)(4) loan insurance program Love Funding secures $50.9M loan for construction of Sur Club
Recently Closed Loans
W
ASHINGTON, DC — Love Funding announced the clos-
$6,250,000 $4,500,000 $9,580,000 Multifamily Permanent Financing Industrial Bridge Financing Multifamily Bridge Financing Bloomsburg, PA Norristown, PA Bala Cynwyd, PA 4.25%, 10/30, 71% LTV, Non-Recourse 5.55%, 3-Years Interest Only, 70% LTV 4.5%, 3-Years Interest Only, 75% LTV
ing of a $50.9 million loan for the construction and perma- nent financing of Phillips Sur Club, a proposed apartment complex in St. Petersburg, FL. Financing for this project was secured by Love Funding direc- tor Ken Charbauski through the US Department of Hous- ing and Urban Development’s Section 221(d)(4) loan insur- ance program. The program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subse- quent 40-year term. Sur Club is located in St. Petersburg’s Skyway Marina district, which is a redevelop- ment area of the city for busi- ness, retail and residential, five miles south of downtown St.
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Phillips Sur Club
Petersburg. Sur Club will feature 296 units, an interior courtyard, two swimming pools and at- tached parking garage. The Sur Club site borders a newly constructed mini-storage and two outparcels targeted toward future restaurant development. The Sur Club development Walters will be responsible for overseeing the existing non- hotel portfolio, including six million square feet of office and retail space, 15 major residen- tial communities and multiple entertainment venues, such as Talen Energy Stadium and
team is led by Phillips Devel- opment & Realty of Tampa, FL. Reese-Vanderbilt As- sociates of Atlanta, GA was the design architect and the general contractor is Capstone Building Corp. of Birming- ham, AL. The property will be managed by OvationManage- ment of Tampa, FL. the 76ers Fieldhouse. Chip will lead BPG’s continued ef- forts to be a best in class office and multi-family operator and investment manager. Chip holds an M.B.A. from Colombia University and a B.S. in Accounting and Finance from Drexel University.
2020 FORECAST spotlight WILMINGTON, DE — The Buccini/PollinGroup (BPG) welcomed Chip Walters to the position of vice president of asset management. Walters joins BPG with over 25 years’ experience in the real estate industry, most recently at Key- stone Property Group as the chief investment officer. BPG appoints Walters as VP of asset management
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