Real Estate Developments in Southwest Florida

Miami developer Mast Capital secures $65 million for Fort Myers apartment complex

Miami developer Mast Capital has successfully obtained $65 million in construction financing for a 320-unit apartment complex in Fort Myers. The funding was provided by Centerbridge Partners, acting as an agent for MassMutual Life Insurance Company. JLL Capital Markets represented Mast Capital and its partner, BLG Capital Advisors from Chicago, in the deal.

The apartment complex, located at 13370 N. Cleveland Ave, is currently under construction on a 14.5-acre property that was previously the site of the Hancock Bridge Square Plaza shopping center. Mast Capital acquired the property for $12.8 million in 2022. The development will feature three- and four-story buildings in a pedestrian-friendly environment.

Mast Capital is known for its aggressive development approach and has a diverse portfolio that includes residential, hospitality, and commercial properties. The company has over 4,000 residential units in South Florida, as well as in the Fort Myers and Tampa markets.

Lee County approves $200 million for affordable housing projects

Lee County commissioners have recently approved up to $200 million for affordable housing projects in the area. The funding is allocated for the Affordable Housing Development New Construction Program, which aims to provide grants for the development and preservation of affordable housing units.

The program will make $150 million available for new construction or the purchase and rehabilitation of multifamily units, and an additional $50 million for the construction of new single-family units. Qualifying projects must have at least 51% of multifamily units occupied by income-eligible households, and all newly built single-family houses must be sold to income-eligible households.

The funding is open to private nonprofit or for-profit developers, as well as local governments and public housing authorities. The money for the program comes from Community Development Block Grant – Disaster Recovery funds, with the county receiving $1.1 billion from the U.S. Department of Housing and Urban Development following Hurricane Ian.

These developments in Fort Myers and Lee County highlight the ongoing efforts to address the housing needs of residents in the region and provide affordable housing options for the community.