ST. PETERSBURG, FL-Back Bay at Carillion, a bank-owned townhome community, has secured a $9.4 million loan from PCCP. The property offers 53 units in 17 two-and three-story buildings on 8.55 acres.

The REO seller, Bank of America, conducted an auction through Cushman & Wakefield that attracted 18 bidders. The buyer is a joint venture between True North, Stoneleigh Capital, and RiverOak Investment Corp.

"The joint venture buyer was able to purchase the property well below replacement cost and plans to lease up the units until the sales market returns, at which point it will pursue a unit-by-unit sales strategy," says John Randall, senior vice president at PCCP. "PCCP sees this senior loan as a strategic value-add opportunity that will enable the buyer to provide the local market with quality residential product that can adjust back to for-sale units as the market recovers."