The group behind a luxury mid-rise apartment complex planned for the Edge District has hit a financial milestone.
Dallas-based HALL Structured Finance (HSF) announced today that the company has closed a new lien construction loan totaling $16.1 million to finance the development of the apartment complex dubbed The Metro.
The Metro is a seven-story, 100-unit studio apartment building proposed for vacant land at 1st Avenue and 11th Street North.
The project developer is DevMar Development, the same developer of The Vantage Apartments in St. Petersburg and RainDance Apartments in Winter Haven, which are projects that HSF has previously financed.
DevMar, a Birmingham, Michigan-based real estate development firm, originally proposed building 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,” HSF Vice President Brad Ferguson told the St. Pete Catalyst. “We’ve had a good working and trusted 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 the studio units offering open floor plans, granite and quartz countertops, 10-foot ceilings, floor-to-ceiling windows and large private balconies.
The lease rates for the units range between $1,400 to $1,500 per month as they will be turn-key. All the units will be fully furnished featuring a murphy bed, sofa, washer and dryer, coffee table, high-end appliances, a Google Nest thermostat and Wi-Fi-enabled TV.
The complex will offer amenities such as an outdoor pool with cabanas, hammocks, grills, game area, dog park and indoor bike/scooter storage and repair shop.
There is a roughly 700-square-foot space for retail, which may be used for a small coffee shop.