Mint House at Metro St. Petersburg Refinanced for $15M

Marcus & Millichap Capital Corporation arranged $15.06 million for the refinancing of Mint House at Metro St. Petersburg, a multifamily property located at 77 11th Street North in St. Petersburg, FL.

Robert Bhat, senior managing director, capital markets based in MMCC’s Miami office, secured the financing.

“This is a newly built apartment building on a long-term lease with a short-term rental operator, Mint House,” said Bhat. “Obtaining financing for a niche product was a challenging task in today’s environment, yet we were able to secure competitive terms given the borrower’s experience and the property’s excellent location in Downtown St. Petersburg. The loan-to-value was 65% with interest only for the first 24 months, followed by a 25-year amortization.”

The 100-key complex is located near the arts district of St. Petersburg, close to several restaurants, museums, and retail shops. St. Pete-Clearwater International Airport is within a short drive.