Stoneweg US and PGIM Real Estate Secure $50MM Construction Loan with First Horizon Bank
St. Petersburg, FL: Stoneweg U.S. LLC (Stoneweg US), a real estate investment firm specializing in multifamily acquisitions and developments, today announced the successful closing of a $50MM construction loan for its Lake Maggiore Apartments development project, the Company’s first ground-up development in its St. Petersburg, FL based headquarters.
First Horizon Bank, a long-standing financial partner of Stoneweg US, who also financed the construction of Tuscan Reserve Apartments, the Company’s inaugural development in Palm Coast, FL, will serve as the lender on this milestone project; PGIM Real Estate, the $206.8 billion real estate investment and financing business of global asset manager PGIM, will serve as the equity partner on the transaction through a preferred equity investment made on behalf of its high-yield strategy.
“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,” said Patrick Richard, CEO for Stoneweg US. “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.”
“First Horizon Bank is proud to be a part of Stoneweg’s commitment to South St. Petersburg as they bring attainable housing to a deserving area. This project directly aligns with our organization’s goal to invest in our communities and encourage growth.” - Jim Donatelli, Greater Tampa Bay Market President, First Horizon Bank.
“Stoneweg US brings development expertise and community relationships to this exciting project, which we are thrilled to be a part of, “ said Daniel Kattan, Executive Director at PGIM Real Estate who led the transaction on the firm’s behalf. ”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.”
Acquired in April 2021, Lake Maggiore Apartments will feature 330 units (20% to be allocated to workforce housing), first-class unit and community amenities including energy-star appliances, electric charging stations, and community gardens and event space for residents. NDC Construction leads the construction, which is targeted for a Q2 2024 completion.
About Stoneweg US LLC: Stoneweg U.S. LLC is a multifamily real estate investment firm located in the heart of downtown St. Petersburg, FL, with a portfolio valuation of approximately $2.0 Billion comprised of ~15,000 units. Dedicated to redefining multifamily housing, the company invests in and develops communities through sustainable housing solutions and proven value-add strategies to drive healthy returns and enhance the resident experience. For more information on Stoneweg US, please visit: www.stoneweg.us.
About First Horizon Bank: First Horizon Bank is a regional financial services company with a history of strength and stability. Our commitment to strengthening the lives of our associates, clients, shareholders and communities is the power behind our success.
About PGIM Real Estate:
As one of the largest real estate managers in the world with $206.8 billion in gross assets under
management and administration1 PGIM Real Estate strives to deliver exceptional outcomes for
investors and borrowers through a range of real estate equity, real estate debt, agriculture, and impact
solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset
management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are
backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate
financing2 and the deep local expertise of professionals in 32 cities globally. Through its investment,
financing, asset management, and talent management approach, PGIM Real Estate engages in practices
that ignite positive environmental and social impact, while pursuing activities that strengthen
communities around the world. For more information visit pgimrealestate.com.
1 As of June 30, 2022, net AUM is $136.3 billion and AUA is $45.6 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.