The funding will be split down the middle between the two projects. Altamonte Springs, FL-based Picerne Development Corp. is receiving $15 million to develop Clearwood Villas, which will be located at 9305 Meldrum Dr. It is a 276-unit, garden-style gated community. Charter Mac is providing the financing through the purchase of a tax-exempt bond secured by the property.
Clearwood Villas' units are two- to four-bedroom designs ranging from 923 sf to 1,234 sf. Rents will range from $600 to $760 per month, about 27% less than comparable units in the area. The project targets households earning 50% or less of the area median income.
The developers believe the low rents and the older product in the immediate area willdrive high occupancies. The complex will be made up of 18 three-story buildings.
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