Subject:
Title
Subordination Agreement for the Pinellas County Affordable Housing Loan to SD St. Pete 454, LLC for Arya Apartments.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a new Subordination Agreement for the Pinellas County Affordable Housing Loan to SD St. Pete 454, LLC for Arya Apartments to allow for the refinance of the construction to permanent loan financing.
• SD St Pete 454, LLC was awarded $4.0M on February 3, 2022, in funding from the County to partially fund the 415-unit multi-family project located at 5475 3rd Lane North, St. Petersburg, Florida. The development and construction of the project is now complete and provides 125 affordable units that will remain affordable for 30 years.
• LOANCORE CAPITAL CREDIT REIT LLC is providing a loan for the refinancing of the completed development and is requesting the County to subordinate the County funding to the new senior lender.
• An initial subordination agreement was approved and executed by the County Administrator, Granicus file #23-0146D
• This agreement, by itself, has no fiscal impact on the County
Body
Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
SD St Pete 454, LLC was awarded $4.0M in funding from the County to partially fund the development and construction of the 415-unit multi-family project located at 5475 3rd Lane North, St. Petersburg, Florida. Arya provides 125 affordable units that are to remain affordable for 30 years. LOANCORE CAPITAL CREDIT REIT LLC is providing a loan for the refinancing of the acquisition, development and construction of the Project, and is requesting the County to subordinate the County funding as the new senior lender.
Background/Explanation:
The County provided construction funding using Penny IV Program funds for the Arya project. Per the requirements of the documents, 66 units are restricted to households at or below 120.0% AMI and 59 units are restricted to households at or below 80.0% AMI. CIBC Bank USA, the original senior lender, provided construction financing for the project. LOANCORE CAPITAL CREDIT REIT LLC is now providing a loan for the refinancing of the acquisition, development and construction of the Project and is requesting the County to subordinate the County funding as the new senior lender.
Fiscal Impact:
This agreement, by itself, has no fiscal impact on the County
Delegated Authority:
Authority for the County Administrator to sign this Subordination Agreement is granted by Granicus Item #20-2127A.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager
Partners:
N/A
Attachments:
Subordination Agreement (LOANCORE CAPITAL CREDIT REIT LLC)
Granicus Reference Item #23-0146D - Staff Report
Granicus Reference Item #21-1480D - Staff Report
Granicus Reference Item #20-2127A - Staff Report