Subject:
Title
Resolution approving the TEFRA hearing for Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project Wyngate Apartments.
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Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority of Pinellas County (HFA) to authorize a public hearing connection to the financing of a multifamily residential rental housing project through the issuance of its Multifamily Housing Revenue Bonds, in a principal amount not to exceed $25.0M for the benefit of Wyngate Apartments, LLC, a Florida limited liability company, or one of its affiliates.
• The conduit financing transaction proceeds were loaned to Wingate Apartments, LLC (the borrower/developer) to help finance the acquisition, rehabilitation and equipping of a 264-unit multifamily rental housing facility for persons or families of moderate, middle or lesser income within St. Petersburg, Florida, known as Wyngate Apartments, located at 391 112th Avenue North, St. Petersburg, Florida.
• No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds through the HFA and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation. The other sources of financing include $25.0M of tax-exempt immediate permanent financing and $15,840,000.00 of taxable immediate permanent financing provided by Berkadia, $28,021,870,00 of Low-Income Housing Tax Credit equity provided by CREA, LLC, $21,420,000.00 of equity bridge financing provided by Citizens Bank, $22,305,726.00 of self-sourced capital from Spira Equity Partners, and $2,398,590.00 of deferred developer fee. If available, the Applicant will also pursue an allocation of Recycled Bonds up to $15,840,000.00 to help lower the borrowing costs on that portion of the senior mortgage.
• This item has no fiscal impact on the County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither the HFA’s nor the County’s credit, and neither are responsible for payment of the debt except from funds received from the borrower (in this case the developer).
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Summary
Wyngate Apartments (the Project) is an existing 264-unit affordable housing development located on 22.5 acres at 390 and 391 112th Ave. N., St. Petersburg, Florida. The development will be purchased and substantially rehabilitated by Spira Equity Partners (the Developer). Originally constructed in 2004, the Project consists of nine-garden-style residential buildings comprising of 48 one(1)-bedroom units, 132 two-bedroom units and 84 three (3)-bedroom units. The Property is currently encumbered by an existing regulatory agreement recorded on April 26, 2004. Pursuant to this agreement, 89.0% of the units are restricted to households at or below 60.0% of AMI and the remaining 11.0% of units are restricted to households at or below 40.0% of AMI. The Applicant will assume the existing regulatory agreement at closing and extent the current affordability set-asides for an additional 50 years. Project amenities will include Clubhouse with social hall and leasing center, pool and sundeck, fitness center, playground, laundry room, sport court, picnic area with BBQ grill and dog park.
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Background Information:
N/A
Fiscal Impact:
No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation.
This item has no fiscal impact on Pinellas County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither the HFA’s nor the County’s credit, and neither are responsible for payment of the debt except from funds received from the borrower or the developer.
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Proposed BCC Resolution
HFA Resolution No. 2026-07
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes