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Momentum Buys Fort Myers Multifamily with $41M Financing Via JLL
JLL has arranged $40.7 million in acquisition financing for Drift at the Forum, a 195-unit, mid-rise, Class A multi-housing community in Fort Myers, FL.
The company’s Elliott Throne and Kenny Cutler represented Momentum Real Estate Partners to secure the seven-year, fixed-rate loan through a US-based life insurance company.
“Momentum purchased a beautiful, brand-new apartment community at a time when doing so in a growth market like Ft. Myers has been exceptionally competitive,” said Cutler. “Despite the property exiting its initial lease up period, the lender stepped up to provide an excellent, full-leverage, permanent financing solution.”
Completed in 2021, Drift at The Forum consists of one-, two- and three-bedroom units featuring open-concept floorplans. Its location provides connectivity to employment centers,such as Metro Parkway, Sumerlin Commons Office Park and the College Parkway Office Corridor and access to recreational sites such as Fort Myers Beach, Jet Blue Park at Fenway South and Pelican Reserve Golf Club.
- ◦Sale/Acquisition
- ◦Financing
