Marcus & Millichap Capital Corporation (MMCC) successfully arranged a $15.06 million refinancing for Mint House at Metro St. Petersburg, a multifamily property located in St. Petersburg, FL. Robert Bhat, senior managing director of MMCC’s Miami office secured the financing with competitive terms given the borrower’s experience and location of the property in Downtown St. Petersburg; loan-to-value was 65% with interest only payments for 24 months followed by 25 years amortization period thereafter .
The 100-key complex is situated near an arts district featuring several restaurants, museums and retail shops while being within close proximity to St Pete–Clearwater International Airport as well .
This newly built apartment building on long term lease with short term rental operator posed challenging task to obtain financing due to current market conditions ; however , MMCC managed to secure favorable terms through their expertise and knowledge .
