Northwestern Mutual Provides $29M Loan on Luxe Fort Myers Apartments
Northwestern Mutual Real Estate has extended a $28.8 million acquisition loan to DTN Management Company to buy a luxury apartment development in Fort Myers, Fla., Commercial Observer has learned.
The 15-year, fixed-rate loan facilitated Michigan-based DTN’s buy of The Edge at Fort Myers for $46.2 million from Investcomm Commercial Group, indicating an underwritten loan to cost of more than 62.3 percent, according to sources with knowledge of the transaction.
A representative of Northwestern Mutual did not respond to a request for comment.
Newmark (NMRK)’s Tyler Minix advised Investcomm in the sale. Matthew Williams, James Maynard and Kyle Schlitt, also of Newmark, tackled the arrangement of the acquisition financing on behalf of DTN, according to Newmark. The firm would not comment further on the deal.
DTN could not immediately be reached for comment. An official at Investcomm was not able to respond to a request for comment prior to publication.
Located at 4795 Cypress Gardens Loop in Fort Myers, the property is a 210-unit, Class A residential community situated just 15 minutes southeast of the city’s downtown. It’s also near several shopping centers that include Walmart, Target, Publix supermarket and The Home Depot, among a host of other shopping and food and beverage offerings.
Property amenities include a 75-foot heated pool, a 24-hour fitness center and yoga studio, an outdoor lounge with cabanas and a fire pit and Ping-Pong tables, an outdoor kitchen with grills, a postage locker room and dog park.
The community offers one-, two- and three-bedrooms units, ranging in size from more than 880 square feet to around 1,300 square feet, according to listing information from Apartments.com. Monthly rents range from $1,350 for one-bedrooms to just under $1,600 for two-bedrooms units, according to the property’s website. Rates for three-bedroom apartments are unclear, as they are not available via third-party listing sites or the property’s website.
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