High-rise rental project in St. Petersburg attracts $35.5M construction loan

Michigan-based DevMar Development got financing for the 211-unit project from Hall Structured Finance in Dallas

Rendering of The Vantage in St. Petersburg
Rendering of The Vantage in St. Petersburg

The developer of a 211-unit apartment building in St. Petersburg got a $35.5 million loan to finance the building’s construction.

Michigan-based DevMar Development expects to finish construction of the 11-story apartment building in September of next year.

Unit sizes at the apartment building, called The Vantage, will average about 631 square feet, and balcony sizes will average more than 100 square feet.

The apartment building’s amenities will include a rooftop swimming pool, yoga room and gym.

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The development site, one mile from downtown St. Petersburg, is located within the city’s Edge district, where art galleries, nightclubs, restaurants in boutique retail stores have clustered.

DevMar got the $35.5 million construction loan for The Vantage from Dallas-based Hall Structured Finance (HSF).

HSF has closed eight construction loans for Florida real estate developments. The Vantage is one of three residential developments that HSF has financed, including the Gale Residences in Fort Lauderdale. [MultifamilyBiz.com]Mike Seemuth