South St. Pete apartment project, to include workforce housing, secures $50 million construction loan
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 4, 2022

Stoneweg US LLC has secured a $50 million construction loan to move forward with its first ground-up apartment development in St. Petersburg — a 330-unit community in South St. Pete.

St. Petersburg-based Stoneweg is the American investment manager for Varia US Properties AG, a Swiss publicly traded multifamily real estate fund.

The firm and equity partner PGIM Real Estate said they secured the loan for Lake Maggiore apartments, which will rise on 14 acres at Sixth Street South and 32nd Avenue South. The site was previously a mobile home park. Lake Maggiore apartments were first announced in October 2021. Stoneweg US bought the land in April 2021 for $6.4 million.

First Horizon Bank, which also financed Stoneweg’s Tuscan Reserve Apartments in Palm Coast, provided the loan. NDC Construction is the general contractor. It is slated for completion in the second quarter of 2024.

“We are pleased to partner with First Horizon once again and announce our first partnership with PGIM Real Estate on such a marquee transaction like Lake Maggiore apartments,” Patrick Richard, CEO for Stoneweg US, said in a release. “Given the mutual respect and commitment to excellence we commonly share, we’re looking forward to advancing the construction of Lake Maggiore apartments and delivering a high quality and sustainable development to the south side of St. Petersburg.”

Jim Donatelli, Greater Tampa Bay market president of First Horizon Bank, said the project aligns with the bank’s goal to “invest in our communities and encourage growth.”

Of the total 330 units proposed for the site, 20% are slated to be workforce housing. The development will include garden-style apartments, townhouses, community gardens, a pool, event space and electric vehicle charging stations.

“Stoneweg US brings development expertise and community relationships to this exciting project, which we are thrilled to be a part of,” Daniel Kattan, executive director at PGIM Real Estate, said in a statement. “Lake Maggiore apartments benefits from its proximity to downtown St. Petersburg, a walkable urban destination that includes a diversified employment base and retail amenities, and will provide necessary additional housing to South St. Petersburg.”