Stoneweg recently secured a $50 million construction loan from for its Lake Maggiore Apartment project in Downtown St. Petersburg, Florida.  First Horizon Bank issued the loan and PGIM Real Estate represented the developers in the transaction. The project involves the construction of a 330-unit apartment community on a 14.6-acre site located at 6th Street South. Previously, the site served as a mobile home park, until Stoneweg purchased it in April 2021 for $6.4 million
Afterwards, a ceremonial groundbreaking was held for the Lake Maggiore Apartment project in May 2022. Followed by the ongoing early site work in preparation for vertical construction of the 330 unit apartment community. Initially, Stoneweg planned to reserve 100 units for workforce housing, but they ended up reducing the quota to 66 units. According to the developer, this reduction was necessary to make the project financially feasible.
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Development plans for the Lake Maggiore Apartment project
The 330-Lake Maggiore Apartment community will house seven garden-style apartment buildings and two townhome-style buildings. Besides the apartment units, the property features several shared amenities such as a clubhouse, dog park, pool and leasing office. Additionally, residents will enjoy access to energy-star appliances, electric charging stations, community gardens and event spaces. The two townhome buildings situated along 6th Street will rise two stories high and will consist of seven units each. Meanwhile, a larger four story residential building has been planned for the center of the community.
NDC Construction will serve as the general contractor for the Lake Maggiore Apartment community project. Construction is expected to reach completion by the second quarter of 2024.Stoneweg’s director of development, Mark Rios mentioned that incorporating workforce housing was a vital aspect of the Lake Maggiore project. He said 20% was less than they had initially planned, but the reduction was necessary to adjust to the volatile market. Rios pointed out that over the last two years, they had faced supply chain challenges, and increased construction costs.
PGIM Real Estate’s executive director, Daniel Kattan, said the Lake Maggiore Apartments offers access to walkable urban destinations. He said the nearby locations also include a diversified employment base and retail amenities.
