Berkadia has successfully secured $20.3 million in financing to convert The Indigo Apartments in Clearwater, Florida, into affordable housing for low-income families.

Target Information

The Indigo Apartments, located in Clearwater, Florida, is the focal point of a significant transformation in the local housing landscape. This 208-unit residential tower is set to undergo a substantial rehabilitation, transitioning from market rate housing to affordable housing tailored for low-income families earning between 30% and 80% of the area median income. The financing secured for this project is pivotal in reinstating its commitment to serve as a hub for accessible living options in the community.

Under the stewardship of Sunrise Affordable Housing Group, the project represents a concerted effort to address community needs while adhering to strict housing guidelines. By offering safe, stable, and affordable housing, The Indigo Apartments aims to fulfill its original purpose, which is of utmost importance in the context of today's housing crisis.

Industry Overview in Clearwater, Florida

The affordable housing sector in Clearwater, Florida, has garnered increasing attention in recent years due to the growing demand for low-income housing solutions. As market rates continue to escalate, many famili