|Deal Type||Fannie Mae|
|Size||$26.9 Million||Our Role||Lender|
Lutheran Apartments is well-located in the Bayfront neighborhood of St. Petersburg, less than one mile from the CBD and several popular tourist attractions. The unit mix comprises 60 Studio units (26.7%) and 165 1-BR units (73.3%). There is a total 12 units (5.3%) are ADA-accessible for disabled people. 115 (51%) units are currently rented at below-max HOME rents, and 110 (49%) are unrestricted market-rate units. After the rehab all units will be income restricted and rented at max LIHTC rents. Rents will be increased from an average of $529 to $695.