Scherer Development LLC recently closed a $10.65 million construction loan with American Momentum Bank to finance construction of a new 60-unit townhome community in Largo. Whitney Townhomes will be located at 3301 Whitney Road, 2.5 miles from the St. Pete-Clearwater International Airport.
“Largo has been built out for years and is in need of new, reasonably priced townhomes,” said Chris Scherer, Founder of Scherer Development. “Not only will these be beautiful new townhomes, but this community is in a great location, right in the heart of Pinellas County, offering easy access to Tampa, downtown St. Petersburg and Clearwater, and directly across the street from a city park.”
Whitney Townhomes will include 15 four-unit buildings and offer two- and three-bedroom options, both with two-and-a-half bathrooms and a single-car garage. The project will include 40 two-story townhomes at 1,184 square feet and 20 two-story townhomes at 1,587 square feet. All units will feature stainless steel appliances, granite countertops and walk-in closets. Community amenities include a pool, cabanas, barbecue area and gated on-site surface parking.
“Scherer Development has proven over many years that they can identify needs in the market and step up to fill demand,” said Valerie Girrens, Vice President, Commercial Relationship Manager at American Momentum Bank. “With the limited availability of townhomes in Pinellas County, including a three-bedroom option that could be used as a home office, Whitney Townhomes offers a unique product that we anticipate will be well received, and we’re proud to be a part of this project.”
Scherer Development is investing $3 million in equity to cover all site development work for Whitney Townhomes. The company has developed over 600 multifamily units and over 600,000 square feet of commercial space in Florida, including the recently completed 8,050-square-foot Scherer Center in Wesley Chapel, which is leased to Heartland Dental, AT&T and Dunkin’ Donuts.
CBRE was also involved in helping Scherer Development secure the $10.65 million construction loan from American Momentum for Whitney Townhomes. Yakhin B. Israel, CCIM, a Senior Vice President at CBRE in Tampa, has worked with Scherer for many years as the development company’s mortgage broker.
“Finding the right financing can be challenging in today’s environment,” Israel said. “We were pleased to help Scherer Development identify the right lending partner in American Momentum to help achieve the vision for Whitney Townhomes.”
Construction for Whitney Townhomes is underway. Ten of the 15 townhome buildings and the clubhouse are expected to be completed by the end of 2021.
About American Momentum Bank
American Momentum Bank, a Texas-chartered banking association with total assets of $2.6 billion as of November 30, 2020, provides comprehensive products and services for businesses and individuals. American Momentum Bank has 18 full-service banking centers in Texas and nine full-service banking centers in Florida. American Momentum Bank’s strong capitalization, superior asset quality and experienced management teams position it as one of the premier banks in each state. Visit www.americanmomentum.bank to learn more.
About Scherer Development
Scherer Development LLC is a private real estate investment firm with over 20 years’ experience in real estate development, entitlement acquisition and building construction. Our focus is to purchase un-entitled raw land for development and income producing properties with high vacancy rates. Visit www.schererdevelopment.com to learn more.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.