High-Rise Rental Project in St. Petersburg Draws in $35.5 Million Construction Loan

High-Rise Rental Project in St. Petersburg Draws in $35.5 Million Construction Loan

The programmer of a 211-unit apartment building in St. Petersburg got a $35.5 million loan to finance the structure’s building and construction.

Michigan-based DevMar Growth anticipates to finish construction of the 11-story apartment in September of next year.

Unit dimensions at the apartment, called The Vantage, will balance about 631 square feet, and terrace sizes will balance more than 100 square feet.

The apartment building’s amenities will certainly include a rooftop swimming pool, yoga exercise area as well as health club.

The growth website, one mile from midtown St. Petersburg, lies within the city’s Side district, where art galleries, nightclubs, dining establishments in boutique retail stores have clustered.

DevMar got the $35.5 million construction financing for The Vantage from Dallas-based Hall Structured Finance (HSF).

HSF has actually closed 8 building loans for Florida real estate developments. The Vantage is one of 3 residential advancements that HSF has financed, including the Gale Residences in Fort Lauderdale. [MultifamilyBiz.com]– Mike Seemuth

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