St. Petersburg Apartment Secures Construction Financing
Newmark Knight Frank is adjusting to arranging loans in the era of coronavirus, says James Maynard.
ST. PETERSBURG, FL—Newmark Knight Frank has arranged financing of a $16.1 million senior construction loan on behalf of joint venture partners Mosaic Development and The Brookview Cos. for the construction of Gallery 3100, a Class A 122-unit, four-story community to be located on Central Avenue here.
Executive Managing Director Matthew Williams and Assistant Vice President James Maynard advised Mosaic and Brookview on the financing, which was placed with Synovus Bank.
Site work is underway with construction slated to begin later this quarter, Maynard tells GlobeSt.com.
Synovus Bank had an existing relationship with Mosaic, William says, adding that the process was very competitive.
Scheduled for completion in Spring 2021, Gallery 3100 will consist of one- and two-bedroom units ranging from 663 to 1,098 square feet, including 17 workforce housing units and an onsite parking deck.
Maynard says NKF is adjusting to arranging loans in the era of coronavirus.
“Lenders across all debt capital sources are approaching loan originations with increased conservatism as they shift focus to managing assets on their balance sheet which are either under development or in lease up,” Maynard says.
“This is particularly true in construction lending where a bank typically serves as the senior lender. NKF has responded by proactively canvassing the capital markets to uncover the best terms for our clients, and anticipating how to navigate potential hurdles throughout the due diligence process.”