Southwest Florida Multifamily Project Lands $45M Construction Loan
- Aug 11, 2021
NorthMarq has arranged a $44.8 million loan for the development of Swiftwater Apartments, a 288-unit garden-style multifamily project in Port Charlotte, Fla. The financing consists of a $34.2 million construction-to-permanent mortgage and $10.6 million in preferred equity.
One of NorthMarq’s life insurance companies provided the loan for the undisclosed borrower.
Slated for delivery in the second half of 2023, the project is situated on a 21-acre site at 16325 Franklin Ave. Centennial Park is within walking distance of the property, while the Murdoch retail center is some 2 miles away. Fort Myers is roughly 35 miles northwest of the upcoming community.
Planned in-unit amenities include granite countertops, stainless steel appliances, as well as washer and dryer units. Residents will have access to a swimming pool with sundeck, a clubhouse, grilling area, playground, game room, gym, business center, dog park and pet wash station.
Susan Branscome, senior vice president/managing director of NorthMarq’s Cincinnati office, and Robert Hernandez, senior vice president/managing director of the company’s Tampa office, collaborated to arrange the financing.