Townhomes in St. Petersburg, FL

Broadmark provided three million dollars acquisition financing for a proposed residential townhome development on a high-density infill site in downtown St. Petersburg, FL. The borrower is acquiring the land fully entitled and will complete the submittal process to receive full permit approval. Broadmark has agreed to provide the vertical construction funding through total project completion.

The improvements will comprise of 15 fee-simple units with rooftop terraces and an average living space of 2,235 sq ft. Given the short closing time frame and the site’s desirable location, the borrower needed a reliable lending partner that could quickly underwrite the entire project from acquisition through vertical construction.