Pembrook Capital Management LLC (“Pembrook”) announced the closing of a $10,514,597 preferred equity investment for the construction and development of a multifamily project located at 6617 Simmons Loop in Riverview, FL, within the growing Southshore area of Tampa.
With the financing in place, the sponsor, 2nd Wave Development, plans to construct a 321-unit garden-walk-up multifamily development called Wildgrass at the site, spread across 13 three-story buildings. Upon completion, the Class-A development will be comprised of one, two and three-bedroom market rent units and will feature a host of community offerings including a clubhouse, fitness center and other amenities. The site also offers a great location directly off of Route 301 and near Interstate 75 which provides easy access to the many employment drivers of the Southshore and downtown Tampa regions. The underwritten rents are approximately 80% of the area’s Average Median Income (AMI).