Tampa Bay Development Receives $35M Loan
DevMar Development received the mortgage to construct The Vantage, a 211-unit property in the Edge district of St. Petersburg.
By Evelyn Jozsa
Hall Structured Finance has arranged $35.5 million in financing for the construction of The Vantage, a 211-unit, Class A community in St. Petersburg, Fla. DevMar Development is the builder of the property, which is slated for completion by September 2019.
Located at the corner of 1st Ave. N. and 16th St. N. in the Edge district, The Vantage is one mile from downtown St. Petersburg. The area offers various shopping, dining and entertainment options, such as Webbs Plaza, State Theatre Concerts and Florida Holocaust Museum. The 11-story building will feature units averaging 631 square feet featuring design finishes, open floor plans and 100-square-foot balconies. Community amenities will include:
- rooftop pool
- terrace and veranda
- fitness center
- yoga room
“Diversification is a big focus of ours this year, as we have primarily focused on hotel financing over the past several years, and The Vantage presented us with the opportunity to finance the construction of a high-quality multifamily project in a growing market,” said Mike Jaynes, president of Hall Structured Finance, in prepared remarks. “As institutional banks continue to pull back, we anticipate more asset allocation in 2018.”
Image courtesy of Hall Structured Finance