Robert Bhat, Senior Managing Director of Marcus & Millichap Capital Corporation’s Miami office, arranged $15.06 million for the refinancing of Mint House at Metro St. Petersburg – a multifamily property located in St. Petersburg, FL on 77 11th Street North. The loan-to-value was 65% with interest only for the first 24 months followed by a 25 year amortization – making it an impressive feat given today’s market environment and niche product type.
The 100 key complex is situated near the arts district of St Pete and close to several restaurants, museums and retail shops as well as being within driving distance from St Pete-Clearwater International Airport; all factors that contributed to securing competitive terms for this project despite its unique nature..
Bhat commented: “Obtaining financing for a niche product was challenging yet we were able to secure competitive terms given the borrower’s experience and excellent location in Downtown St Petersburg.”
