The Canopy at West River Towers I & II
Last week, BWE closed a $27,430,000 Fannie Mae MTEB forward commitment on The Canopy at West River Towers I & II in Tampa, Florida. A joint venture of the Housing Authority of the City of Tampa, Florida (THA) and Related Urban Development Group will develop the$72 million property. This will create 196 new units of affordable housing in Tampa’s West River neighborhood.
In addition to the Fannie Mae mortgage, The Canopy will use Rental Assistance Demonstration (RAD) funding, Community Development Block Grants and Low Income Housing Tax Credits as sources. Operating subsidy from RAD and project based vouchers will allow THA to house residents at 30%, 60% and 80% of area median income. 41 of the units will be affordable to residents at 30% of AMI. The project will utilize income averaging. Raymond James Tax Credit Funds, Inc. will syndicate the LIHTC equity and included among the investors is Fifth Third Bank, a BWE minority owner.
The City of Tampa has a master plan for West River to transform it from a neighborhood of concentrated poverty into a sustainable mixed-income community with long-term viability. Focused on building a strong and healthy, livable neighborhood in Tampa’s Center City, the plan acknowledges the connection between housing, jobs, schools, retail and other opportunities for Tampa citizens. Located along 1.3 miles of riverfront land west of downtown, the design defines new connections with the river and river life including open spaces, parks and trails. The entire plan is scheduled to be developed over a ten year period. “It is exciting to work on such a transformative project with a strong development team. Tampa’s low-income residents will have new opportunities because of the work of THA and Related. The Canopy also provides another opportunity for BWE to partner with Fifth Third Bank,” said Jim Gillespie, Executive Vice President and Senior Originator at BWE.
For more information on The Canopy, please email Jim Gillespie at Jim.Gillespie@bwe.com