DDA Development announces the closing of the Meres Crossing loan and the start of construction of a 236-unit market rate apartment development named Meres Crossing, located on 6.5+/- acres in Tarpon Springs. Meres Crossing will be the largest new apartment development constructed in Tarpon Springs in several decades.
The location is just off ALT-19 and Meres Boulevard. As a part of the overall development, the developer will complete the extension of Meres Boulevard and US-19, which will create the new main entrance into Tarpon Springs from US-19.
The site is situated immediately north of Florida Hospital, and just south of the Winn-Dixie shopping center, and backs up to the Pinellas Trail. Several new retail parcels will be created as part of the overall development of the site.
The unit mix will include 70 one-bedroom/one-bath units; 137 two-bedroom/two-bath units, and 29 three-bedroom/two-bath units. Sizes range from 729 sf to 1,260 sf, and projected rents are in the $1.45psf range.
The development was financed with a $29,000,000 construction and permanent loan through First Housing, based in Tampa, Florida. The non-recourse loan has a 40-year term at a closing rate of 4.57%.
Meres Crossing is being developed through a partnership between DDA Development and Atlantic American Partners, both based in Tampa, Florida. First Florida Constructors, based in Miami, is the General Contractor, and the design professional is Baker Barrios Architects, based in Tampa.