ST. PETERSBURG, Fla. — KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital have provided a total of $69.8 million for the redevelopment of Jordan Park Apartments in St. Petersburg.
Norstar Development USA-CDL, a Buffalo, N.Y.-based affordable housing developer, and the St. Petersburg Housing Authority are working together on the project, the timeline of which was not disclosed.
Jordan Park Apartments was originally built in 1939 on land donated by businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings. The property’s former residents will have first right to return as the redeveloped property begins to reopen.
The first phase includes the new construction of a six-floor midrise building for seniors ages 62 and older, as well as the rehabilitation of 41 buildings containing 97 units of affordable housing for families. Property improvements will include the addition of new electrical panels, air-conditioning units, attic insulation, washers and dryers, gutters and downspouts, a complex-wide irrigation system and back-door awnings, as well as the renovation of the community’s clubhouse.
In Phase II, 55 buildings containing 109 units of affordable family housing will undergo renovations, including exterior repairs on the roofs, windows, doors and electrical systems, as well as complete interior renovations. Additional improvements in both phases will include new parking asphalt, sidewalks, a playground and landscaping work.
As part of the redevelopment, the St. Petersburg Housing will deliver a new resident social service program focused on tenant empowerment and self-sufficiency. The goal is to serve more families at Jordan Park by supporting the residents on their journey toward homeownership and other opportunities.
KeyBank provided a $42.7 million construction bond, as well as provided 4 percent low-income housing tax credit (LIHTC) equity totaling $27.1 million. KeyBank funded the LIHTC financing via Fannie Mae’s unfunded forward commitment execution that allows KeyBank to issue a mortgage-backed security (MBS) upon completion of the construction that will convert to a permanent mortgage loan. This Fannie Mae execution is referred to as MBS as Collateral for Tax-Exempt Bonds (MTEB), which is available for 4 percent LIHTC transactions. Kate de la Garza and Robbie Lynn of KeyBank structured the financing.