Front Range Partners has refinanced EVO St. Petersburg, a recently delivered high-rise multifamily property in downtown St. Petersburg, with a new $75 million loan. The refinancing recapitalizes the 23-story apartment tower, which opened in 2023 and adds modern rental housing to the city’s urban core.
The fixed-rate financing was provided by Freddie Mac and arranged by Walker & Dunlop Capital Markets Institutional Advisory. The advisory team working on behalf of FrontRange Capital Partners was led by Jonathan Schwartz and included Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Michael Stepniewski, Michael Ianno, and Cody Ela. Their mandate covered sourcing and structuring the agency execution for the borrower.
EVO St. Petersburg is located at 334 2nd Ave S, in the heart of downtown St. Petersburg. The property is two blocks from the Tampa Bay waterfront and is positioned within walking distance of key local destinations such as the St. Pete Pier, the Dalí Museum, Central Avenue, and Beach Drive. Its setting places residents close to a concentration of dining, retail, cultural, and entertainment options in the city center.
The tower comprises 220 rental residences, configured as studio, one-, two-, and three-bedroom apartments. In addition to its residential offering, the property includes approximately 13,000 square feet of ground-floor retail space, designed to activate the streetscape and capture pedestrian traffic in the surrounding neighborhood. The building also incorporates more than 26,000 square feet of indoor and outdoor amenities, including a pool and wellness-oriented spaces for residents.
Delivered in 2023, EVO St. Petersburg represents one of the newer high-rise multifamily additions to downtown St. Petersburg. The refinancing with Freddie Mac transitions the property to longer-term, fixed-rate agency debt following its initial development and lease-up period. The asset’s combination of high-rise residential units, ground-floor retail, and an extensive amenity package positions it as a mixed-use residential hub within the city’s walkable core.
The transaction highlights the role of agency lenders in providing permanent financing for recently completed multifamily assets in established urban locations. By locking in fixed-rate capital on a sizable loan, the borrower gains greater visibility on debt service obligations for a modern downtown property anchored by proximity to the waterfront and key cultural and retail attractions in St. Petersburg.
