The asset involved in this transaction is a development site located at the NW corner of Coconut Road and US-41 in Estero, FL. The site spans 45.6 acres and is part of a mixed-use project that will feature 296 luxury apartments and 28,000 square feet of commercial space. The project includes a large central park with an outdoor stage and splash pad, a pedestrian-oriented retail promenade, and a network of walking and biking paths. The total construction financing secured for this project amounts to $81,533,000 from Santander Bank, N.A.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $81,533,000
• Address: NW Corner of Coconut Road & US-41
• Market: Estero, FL
• Lender: Santander Bank, N.A.
• Landlord: Ross Abramson & Clayton Robinson – Woodfield Development, ELV Associates and Florida Rock Properties

A joint venture consisting of Woodfield Development, ELV Associates, and Florida Rock Properties plays a pivotal role in this transaction, focusing on the development of the project's first phase. This phase is projected to be completed by Q4 2027, offering a significant addition to the Estero area’s residential and commercial landscape.