North St. Petersburg Community Receives Refi

The $7 million mortgage retires $6.3 million in acquisition financing provided by C-III Capital Partners in 2018.
Casa de la Rosa. Image via Google Street View

Schottenstein Realty Co. has taken out a $7 million refinancing package for Casa de la Rosa, a 62-unit community in St. Petersburg, Fla. Northern Trust originated the mortgage, according to Pinellas County records. The borrower purchased the property for $7.1 million from a private investor in 2018, Yardi Matrix shows. The new note will retire the $6.3 million acquisition loan that C-III Capital Partners provided at the time.

Located on 2 acres at 120 47th Ave N., the property encompasses two four-story buildings completed in 1974. The owner renovated the community in 2019, upgrading the facade and improving apartment interiors. The unit mix has one- and two-bedroom apartments, with floorplans ranging from 729 to 1,100 square feet. Amenities include four laundry facilities, a swimming pool and a picnic area.

Situated close to the retail corridor along U.S. Route 92, the site is 3 miles north of downtown and 9 miles southeast of the St. Pete-Clearwater International Airport. The property is 4 miles from Saltaire, a 192-unit condominium project which received $156.6 million in construction financing in April. Wells Fargo provided the note for the developer, The Kolter Group.