John Jack Weir Of Eastwind Development Secures $45.5 Million Construction Loan For Development Site In Melbourne FL

The asset involved in this transaction is a development site located on Preserve Drive in Melbourne, FL, comprising 17 acres. The property is associated with a construction loan amounting to $45,500,000. It is intended for the development of a luxury apartment community known as The Aston at Longleaf, which will feature 264 residential units.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $45,500,000
• Address: Preserve Drive, Melbourne, FL
• Asset Size: 17 acres
• Loan Type: Construction
• Lender: TD Bank
• Landlord: John “Jack” Weir - Eastwind Development

Key individuals involved in this transaction include John “Jack” Weir, representing Eastwind Development, who has overseen the acquisition of the site and the procurement of financing. The project anticipates first-unit deliveries to commence in late 2027, with the goal for full completion set for mid-2028. Planned amenities for the community include a 10,000-square-foot clubhouse, resort-style pool, fitness center, and coworking space.