PCCP, LLC provides $24 million in loans to finance and complete construction

PCCP, LLC has provided $24 million in two loan structures to a private institutional investor for the refinance and construction completion of 155 Bay St. and 130 Bay Street Landing, two residential condominium properties totaling 153 units. The properties are located within blocks of each other and are in the St. George area. "PCCP recognized the value of the opportunity to originate two loans for these well-located properties to a successful investment management firm who understands the local market," said John Randall of PCCP, LLC. 155 Bay St. is nearly complete and is a six-story ground-up development that is comprised of 52 units of a 57-unit condominium property (five units have been sold) with 19,000 s/f of ground floor retail space and two levels of below-grade parking containing 108 spaces. The first floor contains a retail area and the residential lobby, with one and two-bedroom residential units on the second through sixth floors. Located at the intersection of Bay St. and Victory Blvd., the property is situated one block from the water, providing water views from many of the units in the building. 130 Bay Street Landing is approximately 75% complete and is a 101-unit, warehouse conversion and redevelopment project consisting of approximately 132,500 s/f of residential space, 4,000 s/f of community space and 197 planned outdoor parking spaces. Onsite amenities will potentially include a gym, library, game room and storage area. Prior to its redevelopment, the property was a dry storage cocoa warehouse.