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

Miami /
Apr.April 01, 2018 03:00 PM

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.

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


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
Rendering of the project and John Catsimatidis (Credit: Arquitectonica via Tampa Bay Times)

Catsimatidis scores approval for $300M tower in St. Petersburg

Catsimatidis scores approval for $300M tower in St. Petersburg
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Fairfield Residential sells new Flagler Village apartments for $92M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...