SUNRISE PLACE APARTMENTS

UNIQUE OPPORTUNITY: When a local developer notified Versaggi Companies about a distressed Bank Note opportunity, it set in motion the events that eventually became a win for the city of Tarpon Springs. Sunrise Place was a 60% completed apartment community in Tarpon Springs, Florida, whose developer was in default with the construction lender. Versaggi Companies entered into a JV arrangement with its equity and development partners to purchase the bank note, and soon negotiated a friendly foreclosure to gain title to the unfinished project. Through its entitlement efforts, the site received a bonus density of 50% to allow a total of 36 apartments to be built where 24 units had been previously allowed. The JV partners redesigned the original site plan to include a mix of 1, 2, & 3 BR rentals, along with a community center and playground. Finally, the JV Partners were able to negotiate with a local non-profit agency to purchase the property, assisted them in finding local grants and NSP funding to finish construction, and redevelop a much-needed affordable housing community where blight and substandard housing existed. Today, Sunrise Place Apartments are a stabilizing influence in many people’s lives, and bring a myriad of social services to the local Tarpon Springs community.