Kolter closes $182 million loan for St. Pete tower
Summary
Despite high-interest rates fueling a tight lending environment, Kolter Urban recently secured a $182 million construction loan for Art House, a 42-story luxury condominium tower in downtown St. Petersburg.Brian Van Slyke, regional president, credited the Palm Beach-based real estate development and investment firms reputation as an industry leader for its ability to close the financing deal. The 244-unit project at 235 1st Ave. S. is halfway to completion, and he expects it to open in the second half of 2025.Miami-based Coastal Construction broke ground on the mixed-use development, initially estimated at $140 million, in June 2022. In January 2023, developer John Catsimatidis secured $252 million from the Arkansas-based financial institution to build the Residences at 400 Central.Persistently high-interest rates and rising construction costs have hindered large-scale projects nationwide. Van Slyke called the city one of the firms core markets.The developer built the 41-story One St. Petersburg tower downtown and recently opened Saltaire, a 35-story upscale condominium building along the waterfront. Van Slyke said St. Petersburgs waterfront views, walkability, entertainment offerings and employment options attract everyone from retirees to young professionals.Art House will feature two and three-bedroom units with various floor plans ranging from 1,380 to 2,637 square feet.