DevMar Secures $36M for FL Community
- Mar 23, 2018
DevMar Development has obtained financing totaling $35.5 million for the construction of The Vantage, a multifamily high-rise in St. Petersburg, Fla. The project is slated for completion in September 2019.
The Vantage will consist of 211 units in 11 stories. The apartments will average about 631 square feet with balconies of over 100 square feet. A four-story parking garage will be adjacent to the residential tower, with the entire property on about two acres that have vacant for over a decade.
Common amenities at will include a rooftop pool, terrace and veranda, fitness center and yoga room. The property is about one mile from downtown St. Petersburg, within the Edge district, an area characterized by shopping, restaurants, and art galleries. It is DevMar Development’s first project in Florida.
Opportunities to Finance Multifamily
Mike Lemon and Matt Shane with Q10 Lutz Financial Services arranged the financing, which was by Hall Structured Finance (HSF), a part of the Dallas-based Hall Group. HSF has now closed eight construction loans in Florida, with The Vantage being the third residential project in the state, preceded by the Gale Residences in Ft. Lauderdale and the Millennium at Citrus Ridge in Kissimmee.
“The Vantage presented us with the opportunity to finance the construction of a multifamily project in a growing market,” said Mike Jaynes, president of HSF. “As institutional banks continue to pull back, we anticipate more asset allocation in 2018.”