Berkadia Arranges $23.2M Construction Loan for Mixed-Use Project in Tallahassee

TALLAHASSEE, FLA. — Berkadia has arranged $23.2 million in construction financing for Seminole Booster Inc.’s College Town Phase II at Florida State University (FSU), a mixed-use development in Tallahassee. College Town Phase II will be situated less than half a mile from FSU and approximately a mile from downtown Tallahassee at the crossroads of South Woodward Avenue and West Madison Street. The project will comprise 89 student housing apartments with 202 beds in total, 23,145 square feet of retail space, 3,300 square feet of office space and a parking garage spanning 593 spaces. The developers, which include Alan Hooper and Tim Petrillo of Urban Street Development and Seminole Boosters Inc., plan to deliver College Town Phase II in August 2016. Phase I, which consists of 71 apartments and 33,000 square feet of restaurant and retail space, opened in August 2013. Hooper Construction will be the construction manager for the project. Brad Williamson of Berkadia’s Miami office worked on behalf of the developers to arranged the three-year, interest-only loan through Mutual of Omaha Bank.