The group behind a mid-rise luxury apartment complex planned for the Edge neighborhood has taken a financial step forward.
Dallas-based HALL Structured Finance (HSF) today announced that the company has entered into a new construction lien loan totaling $ 16.1 million to finance the development of the apartment complex dubbed The Metro.
The Subway is a seven-story, 100-unit studio apartment building proposed for vacant land at 1st Avenue and 11th Street North.
The developer of the project is DevMar Development, the same developer as The Vantage Apartments in St. Petersburg and RainDance Apartments in Winter Haven, which are projects that HSF has already funded.
DevMar, a real estate development company based in Birmingham, Mich., Had initially offered to build a boutique hotel on the site.
“I was involved in the project when it was going to be a Marriott Tribute hotel, but when the Covid-19 pandemic hit the developers shifted gears to develop it as a multi-family development,” said the HSF Vice President Brad Ferguson. St. Pete Catalyst. “We had a good working and trusting relationship with the developer. ”
The loan, which closed on July 30, will cover a significant portion of development costs, he said.
Construction is expected to start next month. It is expected to be completed in late 2022 or early 2023.
The seven-story complex will have a modern design with studio units offering open floor plans, granite and quartz countertops, 10-foot ceilings, floor-to-ceiling windows, and large private balconies.
Unit rental rates vary between $ 1,400 and $ 1,500 per month, as they will be turnkey. All units will be fully furnished with a murphy bed, sofa, washer and dryer, coffee table, high-end appliances, Google Nest thermostat, and Wi-Fi enabled TV.
The resort will offer amenities such as an outdoor swimming pool with cabanas, hammocks, barbecues, a playground, a dog park and an indoor bicycle / scooter repair and storage workshop.
There is approximately 700 square feet of retail space, which can be used for a small cafe.