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.
For the 240-unit Matthew Ridge Apartments, Charter Mac will provide $11 million to Jacksonville, FL-based Vestcor Development Corp. also through the purchase of a tax-exempt bond secured by the property. Related Capital will provide an additional $4 million of equity investment for tax credits generated by Matthew Ridge.
Matthew Ridge's garden-style community will be made up of 10 three-story buildings located along the southwest corner of Beechnut and Branham boulevards. Units will range from 700 sf to 1,175 sf for one to three bedrooms. Rents will come in at $485 to $675 per month.
Like Clearwood Villas, Matthew Ridge units will have significantly lower rents for the area and obviously newer product. The complex also targets tenants with earnings of 50% or less of the median area income. Additionally, 5% of the Matthew Ridge units will be set aside for qualifying seniors age 62 and older.
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