Silver Oaks Apartments in East Tampa sold for about $30.75 million to affordable housing operator Fairstead, which plans to renovate the property while keeping it designated as affordable housing long term, according to public records.
The acquisition includes $42 million in public financing for renovations and long-term affordable housing requirements, according to transaction financing documents. Financing connected to the project also includes PNC Bank.
In exchange for the financing, the apartments will continue operating as affordable housing under federal and state programs with income requirements overseen by Florida Housing Finance Corp. and related housing agencies, according to the filings…