St. Petersburg, Florida – The Commercial Loans information for the afternoon is from an excellent area for commercial property investments. St. Petersburg, Florida has triple net lease properties, apartment buildings industrial buildings and medical office buildings. Commercial Mortgage Lenders are prepared to fund commercial loans in the beautiful west coast area of Florida, covering Tampa Bay, St. Petersburg and Clearwater. Commercial Mortgage Lenders have capital to fund multifamily apartment buildings, and CTL Financing, even on distressed assets.
A particular commercial property recently received a $9.4 million commercial loan. A bank-owned townhome complex, known as the Back Bay at Carillon, received the commercial loan. Back Bay at Carillon, is a commercial property that was constructed with 53 Units. This Commercial Loan collateral was designed as 17 two-and three-story buildings which are situated on approximately 8.57 acres in St. Petersburg, Florida.
The Commercial Loan collateral, Back Bay at Carillon, was turned over to a receiver, in late 2008, after the Bank of America commenced foreclosure proceedings on the investment property. The Commercial Real Estate developer was Echelon. This commercial loan collateral was developed as a high-end townhome but the economic downturn and other factors hurt the sale of this investment property.
Commercial Mortgage Lenders secured the commercial loan which could be broken down as approximately $177,357 per door. Bank of America recently conducted an auction through Cushman & Wakefield that attracted several qualified commercial real estate investors. The Commercial Property ended up in the hands of a JV (Joint Venture) with True North, Stoneleigh Capital, and RiverOak Investment Corp. as the qualified buyers.
Some NNN Commercial Real Estate analysts still question whether this is a prime commercial property investment. Even with Commercial Mortgage Lenders securing the commercial loan that was a sizable amount under the replacement cost, will the property produce. Other NNN Commercial Real Estate analysts still recognize that more and more People from Michigan, Ohio, Illinois, Indiana and other States continue to migrate to the warmer St. Petersburg and Tampa Bay area.
This Commercial Loan collateral is an exciting neighborhood which rests in Florida yet has designs similar to the New England area. The Commercial Loan collateral units were designed with the essence of Boston’s Back Bay. Still the Commercial Loan collateral avoids the brutal winters as it is positioned at the Epicenter Of Tampa Bay, Carillon. The Investment Property offers luxury, convenience, and the comfort of a townhome, equipped with the feel of residing in a traditional neighborhood.
The commercial mortgage collateral, Back Bay at Carillon, is situated at 300 Carillon Parkway, in the office park where more residential units are being added. The Carillon office park has been under development for almost twenty years. The Carillon office park has approximately 31 businesses operating there. The St. Petersburg commercial real estate development also has several triple net lease properties including restaurants, a thriving Publix grocery store, a sports bar and several banks. The Tenants also can frequent St. Anthony’s Hospital wellness center, and a Hilton hotel. These factors are why some NNN Commercial Real Estate analysts believe this commercial loan collateral will turn around with its close proximity to the Airport, Shopping, Banking, Dining, Movies and the gorgeous Beach.
We specialize in:
- Commercial Loans for Multifamily Apartment Buildings
- Commercial Loans for Net Lease Properties (CTL Financing)
- Commercial Loans for Office Buildings, Office Parks
- Commercial Loans for 1031 Exchange financing
If you are seeking to buy investment property, especially in the areas listed below, then fill out our easy Commercial Loan Form
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