Blue Sky Communities completes financing for Florida housing scheme

Blue Sky Communities has locked up financing for The Preserve at Sabal Park, a 144 unit affordable housing asset in Seffner, Fla. TD Bank provided the money, arranging a $22m construction loan through its commercial real estate group and a $20.3 million equity investment through the purchase tax credits. Currently under construction, the community will also offer a financial literacy program and employment assistance programs for the working class. “Within the Tampa-Bay area, there’s a growing need for quality, affordable housing. There’s been a lift in rental rates for the existing stock of multifamily housing units,” said Kyle Moore, TD Bank’s vice president. “This new development will offer affordable housing and supportive services for working-class and low-income families.”