Newmark announces the financing of a $16,110,000 senior construction loan on behalf of Mosaic Development, LLC together with joint venture partner The Brookview Companies for the construction of Gallery 3100, a Class A 122-unit, four-story community to be located on Central Avenue in St. Petersburg, FL.
Executive Managing Director Matthew Williams and Assistant Vice President James Maynard advised Mosaic and Brookview on the financing, which was placed with Synovus Bank.
“Mosaic Development and Brookview continue to deliver top tier projects to the Florida market and Gallery 3100, located in the burgeoning Central Arts District, is no exception,” stated Williams “It has been a pleasure to be part of their continued success. Out of a very competitive process, Synovus Bank continued an existing relationship with Mosaic, providing flexibility to navigate hurdles through due diligence and executing as promised amidst volatile capital markets.”
Scheduled to deliver Spring, 2021, Gallery 3100 will consist of one- and two-bedroom units ranging from 663 to 1,098 square feet, including 17 workforce housing units and an onsite parking deck. The project is fully amenitized including a partnership with the Duncan McClellan Art Gallery, which will rotate artwork from local artists throughout common areas.
Mosaic Development, LLC is led by principals Roxanne Amoroso, Terry Wayland and Marc Mariano and is comprised of seasoned real estate professionals who specialize in apartment development and master-planned development of real estate with a geographic focus in Florida. Mosaic has construction projects ongoing in St. Petersburg, Kissimmee and Bonita Springs, totaling more than 800 units and representing a financial investment of $160 million.
The Brookview Companies is a national organization which is led by its President, David Ostreicher. Brookview has acquired and developed over 2,000 multifamily units in transactions totaling more than $250 million. Brookview’s national holdings are located in Florida, Kentucky, North Carolina, Ohio, Pennsylvania and Missouri.
Newmark Debt & Structured Finance has Florida offices in Boca Raton, Orlando and Tampa. The team is led by Matt Williams and supported by Fernando Riboli, Kyle Schlitt and James Maynard.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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