$63.5MM • Tallahassee, fl
Transaction Highlights
- Total financing of $63.5MM
- PACE Loan $15.5MM
- Construction Loan $48MM
- PACE LTV: 14.4%
- CLTV: 58.8%
- 30 Year Term on PACE
- Capitalized Interest Period of 18 Months
LOAN
$63.5MM
LOCATION:
FL
type:
New Construction
Building:
Mixed Use: Student Housing & Retail
TERM:
30 Year on PACE
Status:
Closed
Project Description
$63.5 Million Mixed-Use Development in Florida
First of its kind finance combination of C-PACE and traditional construction mortgage kick-starts 153-unit mix-use project next to Florida State University, Tallahassee
Closing of an innovative $63.5 million loan combination package that will be utilized for the construction of a 153-unit student housing & retail project along with an adjacent 308-stall parking garage in Tallahassee, just blocks from Florida State University. Bayview originated the loans via one of its long-standing mortgage brokerage relationships and funded the entire debt stack through its wholly owned subsidiaries Bayview PACE and Oceanview Life and Annuity Co. (“Oceanview”).
The fully amenitized Renegade Apartments, at 501 Chapel Dr., is a joint venture of Charles Street Development Co. LLC and ACRES Realty Funding, Inc. The project, designed by Humphreys & Partners with Ruscilli Construction Company as contractor, is expected to be completed in summer 2024 with pre-leasing planned for Fall 2023. Asset Living will handle leasing and property management.
- Bayview PACE provided $15.5 million in Commercial Property-Assessed Clean Energy (C-PACE) funding.
- Oceanview Life and Annuity Co., provided $48 million of construction financing.
Both affiliates of Bayview Asset Management.
