Related Capital Funds Tampa Joint Venture

TAMPA, FL-A three-developer joint venture plans to break ground this year on Oaks at Riverview, a $24-million, 250-unit apartment community four miles north of Downtown on 22 acres at 202 East Broad St. The developers are HJ Russell & Co. of Atlanta, Hanson Development Co. Inc. of Baltimore and Mid-City Urban LLC of Silver Springs, MD.

New York-based Related Capital Co., a subsidiary of CharterMac, is providing $7.6 million in equity for tax credits generated by the new complex. The remaining financing consists of short-term and long-term tax-exempt bonds issued by the Housing Finance Authority of Hillsborough County, and HOPE VI funds generated from the federal Housing and Urban Development agency through the Housing Authority of Tampa.

“Oaks at Riverview will help revitalize and reshape the greater community, something we strive for in HOPE VI transactions,” says Related Capital vice president Ryan Sfreddo. “Tampa is a particularly attractive multifamily market characterized by rising demand, limited new development and strong population grow, making the investment a win-win situation for Related Capital, the development team and most importantly, the community.”