Tampa Bay Affordable Project Gets $13M

TIAA originated the variable-rate loan for the development of the 65-unit SkyWay Lofts.
SkyWay Lofts site. Image via Google Maps

Blue Sky Communities has received a $13 million construction loan for SkyWay Lofts, a 65-unit affordable housing project in St. Petersburg, Fla. TIAA provided the floating-rate mortgage, according to Pinellas County records.

Plans call for the development of two four-story buildings on the site of the former Bay Breeze Motel. NDC Construction is the general contractor. The developer will reserve most units for tenants earning at or below 60 percent of the area median income and several other apartments for families earning at or below 30 percent of AMI, according to a restriction recorded with the county.

The borrower acquired the two-parcel, 1-acre development site at 3900 34th St. S. and 3319 39th Ave. S. for $925,000 from a private investor in July. The unit mix will have one- and two-bedroom floorplans and amenities will include laundry facilities, a swimming pool, a clubhouse and a playground. The site is close to the retail corridor along 34th Street South and 5 miles southwest of downtown St. Petersburg.

In June, Blue Sky Communities broke ground on Sandpiper Place, a 92-unit affordable housing development in Bradenton, Fla. A combination of local and state authorities and institutional investors provided more than $15.4 million for the project.