Alliance Snares $57M for Ft. Myers Apartments

Alliance Companies is moving forward with the development of its 280-unit Montego Square Apartments, located at 4051 Winkler Ave. in Ft. Myers, FL, following a loan closing on the $57.3 million construction project. The first units are expected to be delivered in the first quarter of 2026. Alliance acquired the 18-acre site for the development in 2020.

Montego Square Apartments will be a series of four, four-story, elevator-served, garden-style residential buildings. The development will consist of 280 studio, one-bedroom, two-bedroom and three-bedroom units, each boasting a private balcony.

The overall community will feature six acres of lakes, walking trails, a pool and clubhouse. Montego Square will include elevator service in all four buildings.

Greystone, a leading national commercial real estate finance company, is providing the $57,300,000 funding for the HUD-insured 221(d)(4) loan financing the construction of Montego Square. Joe Averbook and Elie Gabay originated the financing.