George Smith Partners Secures $26M Construction Loan for SFR Project in Fort Myers
Commercial real estate capital markets advisor George Smith Partners has secured a $26 million construction loan for a new development comprised of 130 single-family rental homes in Fort Myers, FL.
The new development will be a part of a 706-acre master planned community featuring restaurants, retail, office, medical, assisted living and residential communities. The property is located 30 minutes from Fort Myers Beach.
Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners secured the financing on behalf of the borrower, Soltura Development Group. George Smith Partners secured the construction debt at 70% of cost at a sub 4% rate, advised on the equity and brought in a related entity to provide Co GP capital.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.