Property & Building buys Fla. project

SSCC will provide 15% of the cost itself (of which PBC will provide 75%). The remaining 85% will come in the form of a non-recourse bank loan to SSCC.

Property and Building Corporation Ltd. (known in Hebrew as Nekhasim u-Binyan) said Sunday its Delaware-based subsidy PBC USA Investments Inc. would acquire 75 percent of the rights in Station Square Clearwater Condo, LLC (SSCC). SSCC is set to complete the purchase of construction rights for a site in Tampa, Florida, on which it plans to build a mixed-use project, including 126 residential units and 10,000 square feet of retail at a total cost of roughly $57 million. SSCC will provide 15% of the cost itself (of which PBC will provide 75%). The remaining 85% will come in the form of a non-recourse bank loan to SSCC.