Pembrook Capital Management announced the closing of a $10,514,597 preferred equity investment for the construction and development of a multifamily project located at 6617 Simmons Loop in Riverview, FL, within the growing Southshore area of Tampa.
With the financing in place, the sponsor, 2nd Wave Development, plans to construct a 321-unit garden-walk-up multifamily development called Wildgrass at the site, spread across 13 three-story buildings.
Upon completion, the Class-A development will be comprised of one, two and three-bedroom market rent units and will feature a host of community offerings including a clubhouse, fitness center and other amenities.
he site also offers a location directly off of Route 301 and near Interstate 75 which provides easy access to the many employment drivers of the Southshore and downtown Tampa regions. The underwritten rents are approximately 80 percent of the area’s Average Median Income (AMI).
“We’re pleased to have designed a customized preferred equity financing solution with favorable terms that met the sponsor’s needs and allowed construction of the project to move forward,” said Stuart J. Boesky, CEO of Pembrook. “Demand for affordable multifamily space in the burgeoning Southshore area of Tampa remains strong, and we believe that this development should be well positioned to capture much of that demand when the buildings are delivered.”