Prime Hospitality Group Secures $58M Construction Loan For Woodlands Build-to-Rent Community, Fort Myers

Prime Hospitality Group has secured $58 million in construction financing from Centennial Bank for the Woodlands build-to-rent community in Fort Myers. The development is part of the Portofino Vineyards development and will encompass 71 acres of land. It will feature a total of 96 townhomes and 106 single-family residences. The construction is currently underway and is expected to be completed by 2025.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $58,000,000
• Address: 19093 Cresenzo Ct, Fort Myers
• Market: Fort Myers
• Lender: Centennial Bank - Eugene Font
• Landlord: Prime Hospitality Group - Fred Abbo

The loan from Centennial Bank will provide the necessary financing for the construction of the Woodlands build-to-rent community. The project is spearheaded by Prime Hospitality Group, with Eugene Font serving as Centennial Bank's representative in the deal and Fred Abbo representing Prime Hospitality Group as the landlord. The development is set to offer a maintenance-free lifestyle to its residents, contributing to the appeal of the townhomes and single-family residences within the Portofino Vineyards development.