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

The Vantage St. Pete apartment complex in Florida has secured a $40.6 million loan from Eastern Mortgage Capital, represented by Peter Panagako. This loan is aimed at stabilizing the property and ensuring future flexibility for the borrowers. The terms of the loan include a longer amortization period and a lower debt service coverage ratio, maximizing the loan amount and providing favorable conditions for the borrowers.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $40,600,000
• Address: 160 16th Street North, Saint Petersburg
• Market: Saint Petersburg
• Units: 211

Peter Panagako from Eastern Mortgage Capital played a crucial role in facilitating the loan for the Vantage St. Pete apartment complex. With their expertise in the industry, Eastern Mortgage Capital was able to offer favorable terms for the borrowers, ensuring the long-term stability and success of the property.