Blue Sky Communities has received financing to develop the Preserve at Sabal Park, a 144-unit affordable housing community in Seffner, Fla.
The firm is teaming with TD Bank on the project, with the bank providing $42 million in financing, including a $22 million construction loan through its Commercial Real Estate Group and a $20.3 million equity investment through the purchase of low-income housing tax credits from TD's Community Capital Group.
The funds will be applied toward the initial construction phase, which started in March. The apartment complex will feature one-, two-, and three-bedroom units. The community will include a pool, a clubhouse, and high-efficiency appliances. Residents also will have access to financial literacy and employment assistance programs.
It is conveniently located within proximity to public transportation, grocery stores, office parks, and retailers.
“The development of Blue Sky Communities’ newest affordable housing community in the Tampa Bay area addresses the need for quality homes for working-class families,” said Kyle Moore, vice president for TD Bank. “TD is proud to fund a project that will provide affordable housing to support hard-working citizens in Florida."
