Stoneweg US, PGIM Real Estate Land $50M for Tampa-Area Project
First Horizon Bank provided the financing for Lake Maggiore Apartments.
Stoneweg U.S. LLC along with its equity partner PGIM Real Estate have obtained a $50 million construction loan for Lake Maggiore Apartments, a 330-unit multifamily development in St. Petersburg, Fla.
First Horizon Bank provided the financing for the project, which marks the first partnership between Stoneweg and PGIM Real Estate.
Located at 3049 6th St. S., the property also represents Stoneweg’s first ground-up development in St. Petersburg, where the company is based. The community, identified by Yardi Matrix as partially affordable, is slated for a late 2024 completion.
Daniel Kattan, executive director at PGIM Real Estate, led the transaction on the company’s behalf. NDC Construction will supervise the project’s development process.
Stoneweg CEO Patrick Richard stated in prepared remarks that the company intends to deliver a sustainable development. Green features at Lake Maggiore Apartments will include electric charging stations and energy-star appliances, with 20 percent of its total number of units dedicated to workforce housing. Common-area amenities will include a clubhouse, a pool, as well as community gardens and event spaces.
Recently, Stoneweg US has acquired Wild Oak Apartments, a 348-unit community in Kansas City, Mo. The company plans to implement a capital improvement plan at the property, with a focus on sustainable housing solutions.