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

Property Image
FINANCED
$40,600,000

Florida

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MultiFamily
Financed 06/16/2023
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Property Image
FINANCED

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

160 16th St N St. Petersburg, FL 33705, USA

See Similar Deals
MultiFamily
Financed 06/16/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

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:

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.

Players

Eastern Mortgage Capital
Eastern Mortgage Capital
LENDER
Eastern Mortgage Capital
Eastern Mortgage Capital
LENDER

Details

FINANCED
IMAGE: Peter Panagako DATE: 06/16/2023 ADDRESS: 160 16th Street North MARKET: Saint Petersburg ASSET TYPE: Multifamily ~ UNITS: 211 LENDER: Eastern Mortgage Capital - Peter Panagako LOAN AMOUNT: $40,600,000 LOAN TYPE: Refinance LOAN TERMS: fixed rate NOTE: Eastern Mortgage Capital has provided a $40.6 million loan to stabilize the Vantage St. Pete apartment complex in Florida. The loan offers favorable terms, including longer amortization and lower debt service coverage ratio, ensuring maximum proceeds and future flexibility for the borrowers.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$40,600,000.00

Monthly NOI$270,666.67
Monthly Debt Service$256,619.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00