Eastern Mortgage Capital Provides $40.6M Loan For Vantage St. Pete Apartment Complex

The Vantage St. Pete apartment complex, located at 160 16th Street North in Saint Petersburg, is a multifamily asset comprising 211 units. This property has been refinanced with a substantial loan amount of $40.6 million, showcasing its significance in the local real estate market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $40,600,000
• Lender: Eastern Mortgage Capital
• Loan Type: Refinance
• Loan Terms: Fixed rate
• Market: Saint Petersburg

Peter Panagako from Eastern Mortgage Capital acted as the lender for this refinance deal, ensuring favorable financial terms for the borrowers, which include longer amortization and a lower debt service coverage ratio, enhancing future flexibility.