South St. Petersburg Apartment Project secures construction loan

cliggittvaluation • Nov 07, 2022

St. Petersburg based Stoneweg U.S. LLC obtains a $50 million construction loan

Stoneweg U.S. LLC is a real estate investment firm that specializes in multifamily acquisitions and developments. Based out of St. Petersburg, FL the company has acquired a $50 million construction loan to develop their first ground-up apartment community in south St. Petersburg.


The development is being dubbed Lake Maggiore Apartments and will be built across 14 acres of land at Sixth Street South and 32nd Ave South. Construction is projected to be completed by the second quarter of 2024. There will be 330 units with 20% of the units being utilized for workforce housing. In total, the development will include townhomes, garden-style apartments, a pool, event space, and vehicle charging stations. The apartment community has a close proximity to the Downtown St. Petersburg area, making it an ideal location for those wanting to live in the area.


Pinellas County Property Appraiser lists the parcel ID for the site location as 31-31-17-08244-000-0101 as well as 31-31-17-08244-000-0105. The development will span across the 2 parcels, which currently has a site address listed as 6th Street S., St. Petersburg, FL. Both parcels are owned by SWD LAKE MAGGIORE LLC, whose title manager is Stoneweg U.S. LLC. Both Parcels were purchased by SWD Lake Maggiore LLC on April 14th of 2021 for $6,400,000.

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!


Thanks for your interest.


Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 Direct Line

findvalue@cliggitt.com

Saint Petersburg Office Real Estate Advisor

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