Ross Abramson Of Woodfield Development Secures $51.2 Million Loan For Development Site In Merritt Island

The asset involved in this transaction is a development site located at 555 Fortenberry Road in Merritt Island. The property encompasses a total square footage of 657,800, with plans for the development of 296 market-rate apartments across four-story buildings.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $51,200,000
• Market: Merritt Island
• Lender: BankUnited, N.A. and Renasant Bank
• Landlord: Ross Abramson - Woodfield Development
• Scheduled Completion: Q2 2027

The key individuals in this transaction include Ross Abramson, representing Woodfield Development as the landlord. The financing for the construction is provided by BankUnited, N.A. alongside Renasant Bank, facilitating the development of amenities such as a resort-style pool, a 24-hour fitness center, and outdoor summer kitchens with grills.