St. Pete apartment complex gets $40.6 million in financing

A Massachusetts company has lent the owners of the Vantage St. Pete apartment complex $40.6 million.

Eastern Mortgage Capital says in a statement announcing the financing that the loan will allow the “project to stabilize.”

“In this challenging credit environment, the longer amortization, coupled with lower minimum (debt service coverage ratio) and interest rate provided by the loan helped to ensure the highest possible proceeds available, allowing the project to stabilize with long term fixed rate financing,” Peter Panagako, Eastern’s president, says in the statement.