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13370 North Cleveland Avenue

Updated Dec 4, 2024

Bilt advertisement
JLL Secures $65M Construction Loan For Hancock Bridge Square In Fort Myers
FINANCEDMultiFamily

JLL Secures $65M Construction Loan For Hancock Bridge Square In Fort Myers

13370 North Cleveland Avenue

$65,000,000

$203/SF

Building Size

319,920 SF

Asset Type

MultiFamily

Closing

Feb 28, 2024

About this deal

AI

The property at 13370 North Cleveland Avenue in Fort Myers is a multifamily asset consisting of 320 units with a total square footage of 319,920. The loan amount for this transaction is $65,000,000, and it is a construction loan provided by Centerbridge Partners. The landlords of the property are Camilo Miguel Jr. and Jordan Kornberg of Mast Capital. Representing the landlords in this deal are Christopher Drew, Brian Gaswirth, and Paul Adams from JLL.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $65,000,000
  • Units: 320
  • Square Footage: 319,920
  • Address: 13370 North Cleveland Avenue
  • Market: Fort Myers
  • Lender: Centerbridge Partners
  • Landlord: Camilo Miguel Jr. & Jordan Kornberg - Mast Capital

JLL played a crucial role in securing the construction financing for Hancock Bridge Square, a 320-unit garden-style multi-housing property to be developed by Mast Capital. The individuals involved in this deal include Christopher Drew, Brian Gaswirth, and Paul Adams from JLL who represent the landlords, Camilo Miguel Jr. and Jordan Kornberg. This agreement signifies a significant development in the real estate market in Fort Myers.

Players

Brian Gaswirth

JLL

Broker

$6.4B

vol

47 deals

Broker
Centerbridge Partners
Centerbridge PartnersLender

North Fort Myers MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $203 per square foot on a published $65M for 319,920 square feet (2024).

Visit Christopher (Chris) Drew to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.24%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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