First Housing Development Corporation of Florida

Owner:

St. Giles Manor, Inc.

Architect:

Giattina Aycock Architecture Studio, Inc

General Contractor:

Empire Corporation of Tennessee, Inc

Client:

Brian Trimble - Owner St. Giles Manor, Inc

Scope Of Work

First Housing originated $4,680,000 in permanent, fixed-rate debt through its HUD/FHA 221(d)(4) program for the rehabilitation of St. Giles Manor in Pinellas Park, FL.  The loan features a 40-year term and 40-year amortization with a fixed interest rate and a 71.9% LTV. In addition to the HUD Insured Mortgage, the nonprofit entity in conjunction with a for-profit development company was able to obtain in excess of $12M in Tax Credit Exchange Funds.

The 106-unit multifamily property was originally built in 1981 and is located in Pinellas Park, FL. The property provides housing to the elderly and receives rental assistance through the Project-Based Section 8 program. The combined funds for rehabilitation created a first-class facility that include wide open spaces for tenant gatherings, putting greens and a fitness center. First Housing’s Senior Vice President Scott Moreman worked with BREC Development, a residential real estate development firm, to arrange the financing for the rehabilitation. The borrower is a nonprofit entity known as St. Giles Manor, Incorporated.

First Housing completed the Construction administration in 2011 and is currently handling all permanent loan servicing duties.