Fort Myers Community Lands $42M Refi

Greystone originated the Fannie Mae, fixed-rate loan.

The Palms at Cape Coral is next to a man-made lake. Image courtesy of Greystone

Young Development has secured $41.6 million in the form of a Fannie Mae DUS loan for The Palms at Cape Coral, a 280-unit luxury multifamily asset in Cape Coral, Fla. Kyle Jemtrud, Greystone Managing Director, originated the refinancing and Kevin Coscia of Largo Capital acted as correspondent.

The non-recourse, fixed-rate loan carries a 10-year term with 30-year amortization and 5 years of interest-only payments. This retires a 2021 construction loan from First Horizon Bank, according to Yardi Matrix data.

The asset has one-, two- and three-bedroom apartments between 827 and 1,327 square feet. All units contain washers and dryers, as well as above-standard ceiling heights. The community provides a clubhouse, fitness center, swimming pool, pet park and pickleball court.

Located at 701 SW Pine Island Road, The Palms at Cape Coral came online in 2022 and is 8 miles from downtown Cape Coral. The property is close to many retail options along Pine Island Road, including nearby Pine Island Marketplace, which includes a Walmart Neighborhood Market, a Kohl’s and an Office Depot, among others.

Young Development might be expanding its Cape Coral footprint, as it currently has one prospective, 198-unit multifamily project, also on Pine Island Road, according to Yardi Matrix data. The Cape Coral development pipeline is booming, with the submarket having more than 1,500 units across seven projects under construction. The pipeline is not that surprising, considering that the Southwest Florida Coast is one of the country’s top emerging multifamily markets.

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