Affinius Capital originates $135 million construction loan to Focus and Bradford Allen for new mixed-use development in St. Petersburg, Fla.
St. Petersburg, FL Affinius Capital LLC has originated a $135 million construction loan to finance the ground-up development of 275 5th St. The 24-story, Class A multifamily property will feature 373 apartments and 6,384 s/f of retail. The loan was made to Focus, a real estate company that integrates design, construction, and financial expertise, and Bradford Allen, a national full-service commercial real estate development and advisory firm.
Affinius Capital co-head of debt originations Eric Cohen said, “275 5th St. is exactly the kind of institutional-quality asset we look to back with a premier location in one of Florida’s fastest-growing urban cores. This project is well-positioned to capture continued demand for high-quality urban residential product, and Focus and Bradford Allen bring the experience and track record to execute. We look forward to growing these partnerships.”
275 5th St. will feature a mix of junior one-bedroom, one-bedroom, and two-bedroom apartments, along with an extensive suite of amenities including an outdoor swimming pool and sun deck, fitness center with yoga and spin rooms, coworking space, resident lounges, and more. Completion is slated for 2028.
“Downtown St. Petersburg has experienced rapid population growth, making it highly attractive from an investment standpoint,” said Brian Carley, senior vice president, development, Bradford Allen. “275 5th St. will bring new housing and retail to a prominent site that benefits from its proximity to Central Avenue — the city’s primary cultural and commercial corridor — and the Tampa Bay waterfront.”
“Projects that begin construction today are positioned to deliver into a more balanced supply environment,” said Tim Anderson, founder and CEO of Focus. “Downtown St. Petersburg continues to benefit from population growth, employment expansion, and strong renter demand, making this an ideal time to bring new housing to the market.”
Located in downtown St. Petersburg in one of the city’s most walkable and desirable urban neighborhoods, 275 5th St. is near the Tampa Bay waterfront and two blocks south of Central Ave., one of the city’s primary commercial corridors. The site is serviced by the PSTA bus network, the Downtown Looper, Central Avenue Trolleys, and the Pinellas Trail.