$41M Loan Secured for Fort Myers Upscale Community

Fort Myers. Image by Annie Xia via Unsplash

Momentum Real Estate Partners has landed $40.7 million in acquisition financing for Drift at the Forum, a 195-unit luxury community in Fort Myers, Fla. Senior Managing Director Elliott Throne and Director Kenny Cutler of JLL Capital Markets secured a seven-year, fixed-rate loan, provided by a national life insurance company.

The 2021-built mid-rise property comprises one-, two- and three-bedroom apartments—ranging between 663 square feet and 1,435 square feet—with stainless steel appliances, quartz countertops, walk-in closets, in-unit washers and dryers and balconies. Community amenities include a pool with shaded cabanas, grilling stations, lounge seating, a fitness center, a yoga studio, a game room, a theater room and a dog park.

Located at 3419 Forum Blvd., the transit-oriented community is less than a mile north of State Road 884, connecting it to major employment hubs, including Metro Parkway, Summerlin Commons Office Park and the College Parkway Office Corridor. Various retail options, such as The Forum Shopping Center, Target and Home Depot are within half a mile of the property.

The Southwest Florida Coast multifamily market continues to rapidly expand. As of today, developers were working on 5,559 units, including 1,515 apartments in Fort Myers. One of the largest projects underway is  Swiftwater Apartments, a 288-unit garden-style development scheduled for delivery in the second half of next year.