IMMEDIATE RELEASE

Burlington, MA, June 8, 2023 – Eastern Mortgage Capital has provided $40,597,100 in permanent financing for Vantage St. Pete, a 211- unit mid-rise apartment complex with ground floor retail located in the burgeoning EDGE District of downtown St. Petersburg, FL.

EMC President Peter Panagako noted that, “in this challenging credit environment, the longer amortization, coupled with lower minimum DSCR and interest rate provided by the loan helped to ensure the highest possible proceeds available, allowing the project to stabilize with long term fixed rate financing. No other loan product considered by the borrowing team came close to these proceed levels. The declining pre-pay structure, which never includes defeasance or yield maintenance also allows for future flexibility, an added benefit to the borrowers.”

As with all Eastern Mortgage Capital loans, the package is fully non-recourse to the borrower with no carve-outs, is assumable, and as noted above, includes a step-down prepayment (no yield maintenance or defeasance) that expires after 10 years.

Eastern Mortgage Capital (www.easternmortgagecapital.com) is a direct nationwide MAP lender solely focused on providing FHA-insured financing nationwide for apartments, assisted living properties, and skilled nursing facilities. EMC is based in Burlington, MA and obtained FHA mortgage insurance under the 223(f) program to deliver the 35-year fixed rate non-recourse financing. The loan was placed by District Capital of Detroit.