SW Fund I LP Announces Closing of Construction Loan for Tuscan Reserve Apartments
St. Petersburg, FL: Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the closing of the construction loan for Tuscan Reserve Apartments in Palm Coast, FL on February 21, 2020.
The closing marks the first transaction completed on behalf of the Company’s newly launched SW Fund I LP. Funding of the construction loan was provided by IBERIABANK in Tampa. “This closing marks a major milestone for Stoneweg US and our SW Fund I investors,” said Patrick Richard, CEO. “We are very eager to start construction, and excited to see our vision come to fruition in the coming months.”
The construction of Tuscan Reserve Apartments is set to commence at the beginning of March 2020. The loan will aid in the creation of an additional 107 units spread across six 3-story buildings featuring enhanced interior design and unit amenities. Along with the construction of 1, 2 and 3-bedroom apartments, Tuscan Reserve Apartments will feature high-end exterior amenities including: a sprawling dog park, an outdoor walking/bike path, lush landscaping, a clubhouse, and gazebos overseeing the lake located in the center of the property. Industry-renowned Summit Contracting Inc. will lead all construction efforts with delivery targeted for Spring 2021.
“We’ve done extensive due-diligence in terms of identifying what the residents in this market need and want in their community,” said Brandon Rosser, Head of Development for Stoneweg US. “By partnering with the City of Palm Coast, Summit Construction, and our advisors, we’ve designed a first-class property that will bring something extraordinary to the residents of Palm Coast.”
About Stoneweg US Stoneweg US is a multifamily real estate investment and development firm located in the heart of downtown St. Petersburg with a portfolio of over 11,000 units valued at approximately $1 billion. The Company invests in multifamily assets properties positioned for strong growth and focuses on increasing investor returns, while improving the resident experience through a variety of value-add strategies. For more information on Stoneweg US, please visit: www.stoneweg.us.
St Petersburg, FL, February 26, 2020