ST PETERSBURG, FL - Walker & Dunlop announced that it structured $65,200,000 in financing for The Hermitage Apartment Homes. The property is a newly-developed, 348-unit, Class A apartment community in the heart of downtown St. Petersburg, Florida, one of Tampa Bay's premier submarkets. Home to Florida's Innovation District, the city contains a cluster of higher education, marine science, healthcare, business incubation, and media institutions, including Johns Hopkins All Children's Hospital, Bayfront Health, and the University of South Florida St. Petersburg.
Alison Williams and Matt Baldwin, both Tampa-based members of Walker & Dunlop's Capital Markets team, completed the debt transaction on behalf of the client, Brass Enterprises. Drawing on their extensive experience in financing multifamily properties, the team identified Freddie Mac as the ideal lender for the acquisition and structured the seven-year loan with an attractive interest rate and full-term interest-only payments.
Prior to the debt transaction, the property was marketed and sold for $107,625,000 by Brian Moulder and Chris Chadbourne of Walker & Dunlop Investment Sales, who represented the seller.
"We are very excited about the acquisition of a premier asset in one of the nation's strongest and fastest-growing markets. The Hermitage is future-proof, boasting an unrivaled location in the heart of Downtown St. Petersburg's Art District, high quality construction, and state-of-the-art, resort-style amenities," commented Yisroel Weiser, Vice President of Brass Enterprises. "It was a pleasure working with the Walker & Dunlop team, led by Alison Williams. As always, great service combined with smooth execution."
Positioned across from a newly-built Publix, The Hermitage enjoys exceptional walkability to office buildings, restaurants, entertainment, museums, and abundant green space, including a seven-mile string of beautifully manicured parks. In addition to its unparalleled location, the highly amenitized community includes a rooftop resort style pool and hot spa, state-of-the-art gym, outdoor kitchen and sky deck, library and demonstration kitchen, pet spa, courtyard oasis with large outdoor fireplace, electric car charging stations, and an eight-floor gated resident parking garage. Units are outfitted with the latest finishes, furnishings, and fixtures.
"We have had the privilege of working with Brass Enterprises for the past seven years and this acquisition fits perfectly into its portfolio of luxury apartments in thriving submarkets. The project's construction, luxury amenities, and exceptional walkability make it the preeminent community for residents of all ages," said Ms. Williams.