The developers behind a new 24-story downtown St. Petersburg tower have secured a $135 million construction loan as construction is about to begin.
The loan to the firms Focus Development and Bradford Allen was originated by San Antonio, Texas-based Affinius Capital.
Affinius announced the financing package but did not disclose the terms.
The tower is the 24-story 275 5th Street building. The property is two blocks south of Central Avenue and being planned as mixed-use development with 373 apartments and 6,384 square feet of retail.
The apartment mix will include junior one-bedroom, one-bedroom and two-bedroom units with an amenities package that has an outdoor swimming pool and sun deck as well as coworking space and resident lounges.
Construction is expected to begin soon, and plans call for it to be finished in 2028.
The project is being developed by Focus — which Pinellas County property records show bought the property in 2023 for $20.25 million — and Bradford Allen. Both are based in Chicago.
In the statement announcing the loan, Affinius Capital’s co-head of debt originations Eric Cohen said the project “is exactly the kind of institutional-quality asset we look to back” citing demand for urban apartments in St. Petersburg.
