
Ft. Myers BTR Development Gets $59M Construction Loan
Centennial Bank has provided a $58.8 million construction loan to Prime Hospitality Group for the development of Woodlands at Portofino Vineyards. Located at 19093 Cresenzo Court within the Three Oaks community, Woodlands is a Build-to-Rent community.
The single-family residences at Woodlands offer multiple floorplans and amenities, including a clubhouse, pool, and fitness facilities nestled among nature preserves and lakes. It’s one of three communities in Portofino Vineyards, a 71-acre community five minutes from Florida Gulf Coast University. It includes the apartment complexes the Grove and the nearly-complete Orchard.
The Woodlands will consist of 96 townhomes and 106 single-family residences. Developers say Woodlands will tap into an “increasing societal shift toward a carefree lifestyle that offers convenience and freedom without property maintenance and homeownership responsibilities.”
The BTR market in Florida is heating up. The Tampa metro area has 1,404 BTR under construction, and Sarasota has 770 units.