Matthew Rieger Of Housing Trust Group Secures $82M Loan For Development Site In Fort Myers

The property asset involved is a development site located at 2650 Oak Ridge Court & 2685 Oak Ridge Court in the Fort Myers market. The loan amount secured for this project is $82,010,000, which is designated for construction and equity purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $82,010,000
• Lender: Fifth Third Bank, Freddie Mac, Florida Housing Finance Corporation, Raymond James, Lee County
• Landlord: Matthew Rieger - Housing Trust Group; Alonzo Mourning - AM Affordable Housing
• Loan Type: Construction & Equity

The financing for the Legacy Park II project, which totals $55 million, is structured through a combination of sources. This includes a $29 million construction loan from Fifth Third Bank and $22.96 million from Low-Income Housing Tax Credit equity via Raymond James. Additionally, it is supported by an $11.83 million Freddie Mac permanent loan, $10.27 million in Lee County Community Development Block Grant Disaster Recovery funds, and $8.95 million from Florida Housing Finance Corporation programs. The two-building, 130-unit affordable senior housing development commenced construction in January and is anticipated to be completed by late 2027.