Prime Group Secures $65 Million Bridge Loan From MF1 Capital For 264-Unit Community In Fort Myers

The property asset involved in this transaction is The Orchard at Portofino Vineyards, a 264-unit apartment community situated on 13 acres at 9980 Portofino Vineyards Drive in Fort Myers. It was recently refinanced through a $65 million loan. This development is part of a larger 70-acre master-planned community catering to a growing population in the area.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $65,000,000
• Lender: Scott Waynebern - MF1 Capital
• Landlord: Larry Abbo - Prime Group
• Brokers: Brad Williamson, Kyle Ryan, Matthew Robbins, Mitch Sinberg & Scott Wadler - Berkadia
• Loan Type: Bridge
• Loan Terms: two-year, floating-rate

This transaction highlights the collaboration of key individuals and firms, including the representation of Prime Group by landlord Larry Abbo, while the financing was arranged by Berkadia. The loan will aid in refinancing the property, which initially opened last year, indicating growth and investment in the Fort Myers market.