Stoneweg Acquires 14-acre Multifamily Property In St. Petersburg For $50M With $50M Construction Loan From First Horizon Bank
FINANCED
$50,000,000
Florida
See Similar DealsMultiFamily
Financed 10/04/2022
FINANCED
Stoneweg Acquires 14-acre Multifamily Property In St. Petersburg For $50M With $50M Construction Loan From First Horizon Bank
3049 6th Street, St. Petersburg, Florida 33705, United States
See Similar DealsMultiFamily
Financed 10/04/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan
Stoneweg US LLC has secured a $50,000,000 construction loan from First Horizon Bank for the development of a multifamily property in St. Petersburg. The property is located at 3049 6th Street S and spans across 14 acres. It consists of 330 units, making it a substantial addition to the rental market in the area.
Summary of transaction details
- Property Type: Multifamily
- Loan Amount: $50,000,000
- Address: 3049 6th Street S
- Market: St. Petersburg
- Units: 330
- Acres: 14
Patrick Richard, representing Stoneweg US LLC, acted as the landlord in this transaction. Through their collaboration with First Horizon Bank, they were able to secure the necessary financing for the construction of this multifamily property. This deal serves as a testament to the continuing growth and development of the rental market in St. Petersburg, and the pivotal role that Stoneweg US LLC plays in it.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$50,000,000.00
Monthly NOI$333,333.33
Monthly Debt Service$316,034.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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