MF1 Provides $65M Bridge Loan on Florida Build-to-Rent Community

Prime Group has secured a $65 million bridge loan to refinance The Orchard at Portofino Vineyards, a 264-unit apartment community that opened last year in Fort Myers, Fla., Commercial Observer has learned. 

MF1 provided the two-year, floating-rate loan, which will pay off $49.5 million in previous construction financing. Berkadia Miami’s Brad Williamson, Mitch Sinberg, Kyle Ryan, Scott Wadler and Matt Robbins arranged the financing. 

Williamson mentioned key demand factors in a statement, notably that Fort Myers was ranked by U.S. News & World Report as America’s fastest-growing city, and that the population of the surrounding area is expected to grow by 10 percent in the next five years. Fort Meyers sits on Florida’s Gulf Coast, 125 miles due west of West Palm Beach.

“This opportunity generated significant interest from lenders due to the well-heeled sponsorship and the subject property’s location within a submarket with limited new supply and strong demand drivers,” Williamson said of the financing. 

Located at 9980 Portofino Vineyards Drive, The Orchard at Portofino Vineyards is part of a larger, three-phase, master-planned gated community that will eventually encompass 70 acres in the neighborhood of Three Oaks. The first phase, The Grove at Portofino Vineyards, opened in 2020 with 312 multifamily units, while the third phase of the project, The Woodlands at Portofino Vineyards, is expected to open this summer with 202 built-to-rent townhomes and single-family units. 

The Orchard at Portofino Vineyards opened last year and features a dozen three-story residential buildings spread across 13 acres. The complex is currently 28 percent leased, according to Prime Group. 

All three phases are expected to include amenities such as a fitness center, a dog park, a dog spa, electric vehicle charging citations, an on-site car wash, and parking for residents. 

Larry Abbo, CEO of Prime Group, said in a statement that his firm is “committed” to supporting the evolution of Fort Myers as the city grows its population and attracts young professionals. 

“With plans to build a community that includes townhomes and single-family residences, we’re focused on meeting the increasing demands of our residents and creating a space that fosters both growth and connection,” said Abbo. 

Brian Pascus can be reached at bpascus@commercialobserver.com