Eyzenberg & Company arranged construction financing for a new 88-unit condominium tower in downtown St. Petersburg, FL.
Challenges
The sponsor is a growing developer with extensive experience in the St. Petersburg market. With the project budget in a constant state of flux due to increasing construction prices from Covid, inflation, and geopolitical issues in Europe, flexible financing was needed that could cover cost overruns and bridge gaps within the capital stack. Additionally, the sponsor needed a debt provider that would allow future sales deposits during construction to be utilized as equity in the capital stack.
