DevMar Development secures $35.5m loan for resi project in Florida

by   CIJ USA
2018-03-22   15:02
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DevMar Development has obtained a $35.5m construction loan to build The Vantage, a 211-unit, class A community in St. Petersburg, Florida. The 11-story building in the city’s Edge district, will feature units averaging 631 sq ft and 100 sq ft balconies. Mike Lemon and Matt Shane of Q10 Lutz Financial Services arranged the loan on behalf of the Michigan-based developer. Hall Structured Finance granted the funding for the project which is slated for completion in September 2019.

“Diversification is a big focus of ours this year, as we have primarily focused on hotel financing over the past several years, and The Vantage presented us with the opportunity to finance the construction of a high-quality multifamily project in a growing market,” said Mike Jaynes, president of Hall Structured Finance. “As institutional banks continue to pull back, we anticipate more asset allocation in 2018.”