Commercial mortgage brokerage Eastern Union has secured $9.75 million toward refinancing a three-site multifamily portfolio representing a total of 75 units in St. Petersburg, Fla.
The transaction was led by Eastern Union senior loan consultant Alex Jaffa and loan originator Gabriel Sasson.
The loan’s interest rate was 6%, based on an amortization period of 30 years. The loan carried a term of five years, with an option for an additional five-year renewal. The mortgage’s pre-payment penalty was structured on a swap breakage basis.
“Eastern Union is pleased to have successfully closed this transaction, delivering a more efficient capital structure and improved terms for our client,” Sasson said. “This deal reflects our ongoing commitment to disciplined execution, strong banking relationships, and creating long-term value for our clients.”
Neither the borrower nor the lender was identified.
The first property was Fourth Street Flats at 419 4th St. North. It consists of a two-story building and a three-story building that together comprise 17 units. The property occupies a 0.195-acre parcel. The average unit size is 722 square feet. The site’s net rentable area is 12,275 square feet. It was built between 1907 and 1913.
The second property was Bayside Arms Apartments at 232 4th St. North. It consists of a one-story building and a three-story building representing a total of 19 units on a 0.16-acre parcel. Units average 599 square feet in size. The site’s net rentable area is 13,475 square feet. Construction originally began in 1913.
Finally, the third property was San Rafael Apartments located at 360 13th Ave. Northeast. The 39-unit property includes a three-story building and a storage garage on a 0.408-acre tract. The average unit size is 509 square feet. The net rentable area of San Rafael Apartments is 19,850 square feet. The property was built in 1925.
