Taub Entities secured a $15.6 million construction loan for Bliss, an 18-story condo tower under construction in downtown St. Petersburg. Primrose Capital LLC, arranged a two-year construction loan from Valley National Bank for the project. Bliss broke ground last month with 26 of 29 units pre-sold. The average price for units in the building is $1 million. Construction is set for completion in late 2016.
“There was a lot of interest from the lending community for this project given the unblemished track record of the sponsor and significant pre-sale activity,” said Joshua Emory of Primrose Capital. “In the end, Valley National Bank was able to work quickly and deliver a tailored financing solution which was competitively priced and met the needs of the borrower.”
