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Tampa Bay Area
Business Observer Tuesday, Oct. 26, 2010 9 years ago

Tampa mortgage banker buys Willow Avenue building

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Tampa mortgage-banking firm First Housing purchased a three-story, 16,685-square-foot office building for $2.3 million.

BUYER: FH Dakota LLC, Tampa


SELLER: Atlas FL I Spe LLC


PROPERTY: 107 S. Willow Ave., Tampa


PRICE: $2.3 million


PREVIOUS PRICE: $3.7 million, October 2006


LAW FIRM ON DEED: Trenam Kemker Scharf Barkin Frye O'Neill & Mullis PA, St. Petersburg



PLANS, DESCRIPTION: Tampa mortgage-banking firm First Housing purchased a three-story, 16,685-square-foot office building for $2.3 million.


The price equated to $138 per square foot.


First Housing will relocate from a smaller 8,800-square-foot leased location on Westshore Boulevard to the top two floors of the building.


“We were looking for something to purchase given the state of the market,” says Doug McCree, president and CEO of First Housing. “Net it will be cheaper [than renting] especially given that part of our payment is going to equity.”


First Housing plans to make some remedial repairs to the building for an anticipated Nov. 12 move.


Vitalcare Home Health will continue to lease the bottom floor.


The purchase entity FH Dakota LLC mortgaged the property to SunTrust Bank for $1.95 million.


First Housing specializes in financing multifamily affordable housing.


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