Fort Myers Community Lands $41M Loan
Located at 4930 US Highway 41, in the Cleveland Avenue Redevelopment Area, Grand Central Apartments will comprise a total of 280 one- and two-bedroom units.
Love Funding, a provider of multifamily, affordable and health-care financing, has closed a $40.6 million construction and financing loan for Grand Central Apartments, a market-rate community in Fort Myers, Fla., on behalf of the developer, Aileron Investment Management.
Love Funding Senior Director Tammy Tate secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan-insurance program. The company will provide a low-rate, non-recourse loan for a subsequent 40-year term. The project will also benefit from the Fort Myers Community Redevelopment Agency-approved tax-increment financing, as well as from storm-water nutrient bank credits.
Located at 4930 US Highway 41, in the Cleveland Avenue Redevelopment Area, the project will comprise two four-story elevator buildings and two three-story walk-up buildings, totaling 280 one- and two-bedroom units.Brooks &
MHK Architecture and Planning designed the project and Brooks & Freund is the general contractor leading the development. ZRS Management LLC will manage the finished site. The project design received a Statement of Energy Design Intent score of 97. Using Energy Star appliances, HVAC equipment, lighting and water fixtures, the project also strives to obtain a Bronze Level Green/Energy Efficient mortgage insurance.
Love Funding recently secured $22 million in bridge financing for the construction of Preserve at Mountain Island, a new apartment community in suburban Charlotte, N.C.
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