Affinius Provides $135M Construction Loan in St. Petersburg for Mixed-Use Tower
Focus and Bradford Allen are working together to bring 373 units of housing to the Florida city
By Brian Pascus June 29, 2026 11:23 am
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A joint venture between Focus and Bradford Allen has secured $135 million in construction financing to build 275 Fifth Street, a 24-story, 373-unit mixed-use multifamily tower in St. Petersburg, Fla., Commercial Observer can first report.
Affinius Capital provided the debt on the deal. No brokers were listed on the transaction.
Eric Cohen, co-head of debt originations at Affinus, described 275 Fifth Street in a statement as an “institutional-quality asset” and praised the Downtown St. Petersburg corridor as being “one of Florida’s fastest-growing urban cores.”
“This project is well positioned to capture continued demand for high-quality urban residential product,” Cohen added.
Located of Fifth Street South in the heart of Downtown St. Petersburg’s Central Arts District and the Tampa Bay Waterfront Art District, 275 Fifth Street is within walking distance of nearby piers that extend into Tampa Bay. It benefits from access to the city’s transportation network that includes the PSTA bus system, the Downtown Looper, and the Central Avenue Trolleys.
“Downtown St. Petersburg has experienced rapid population growth, making it highly attractive from an investment standpoint,” said Brian Carley, senior vice president of development at Bradford Allen.
275 Fifth Street will feature a mix of one- and two-bedroom apartments, as well as 6,384 square feet of ground-floor retail. On-site amenities will include an outdoor swimming pool, a fitness center and coworking space.
Tim Anderson, founder and CEO of Chicago-based Focus, noted in his remarks that Downtown St. Petersburg has displayed several residential development tailwinds, namely a growing population, an expanding employment network, and ongoing demand for rental housing.
“Projects that begin construction today are positioned to deliver into a more balanced supply environment,” said Anderson.
Completion is scheduled for 2028.
Brian Pascus can be reached at bpascus@commercialobserver.com.
