NW Region
$5.5 million FCLF financing
Rehabilitation and refinance loan
160 units of affordable rental housing

The Pines at Warrington apartment community was built in 2007 to provide affordable housing in Pensacola, Florida (Escambia County). Consisting of 160 rental apartments – with a mix of 1-, 2-, and 3-bedroom floor plans – the rent affordability is in place for at least 50 years under an agreement with the State.

The Pines at Warrington is located in the Brownsville area, an unincorporated community in Escambia County, originally organized in the early 20th century for working class families. The town became a successful commerce hub, as it was intersected by the only local road between Pensacola and Mobile, and was considered for annexation into the City of Pensacola in the 1950s. Once interstate highways and shopping malls were established in the area, however, the community saw decline. The area has seen recent revitalization efforts as part of a County Community Redevelopment Plan that includes a new community center with programs for seniors and youth, increased security and a plan to reduce crime, new lighting, and more.

In June 2023, a series of powerful storms swept through the Florida Panhandle with high winds and flash flooding affecting Pensacola, and an E2 tornado at Pensacola Beach. The Pines at Warrington property incurred substantial damage from these storms. Tenants were offered the option to terminate their leases, and a plan was put in place to repair storm damage and undertake other repairs and upgrades to the community.

With financing from Florida Community Loan Fund, Pines at Warrington will undergo substantial rehabilitation, repairing storm damages and bringing the rental homes up to modern standards. The loan proceeds also refinanced an existing mortgage on the property.

Beneficial Communities, LLC, the development and management entity for Pines at Warrington, is a real estate development company founded in 2001 and located in Sarasota. The company’s developments include affordable rental housing, senior housing, and mission-focused tax leveraged projects for underserved populations from rural to inner city urban areas.

https://www.pinesatwarrington.com/