Thomas D. Wood and Co. Secures $29.6 Million for Development of Estero Oaks Apartments in Estero, FL

Brad Cox

Sarasota, FL  –Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $29,600,000 for the development of the Estero Oaks Apartments in Estero, Florida.

Brad Cox, CCIM, Senior Vice President, and Doug Rozzell, Senior Vice President, secured a $29,600,000 construction loan to develop a 280-unit Class-A apartment property through Thomas D. Wood and Company’s relationship with a regional bank. 

The borrower engaged our firm to secure a fully-leveraged construction loan to develop the apartment property in a secondary market, where a majority of the equity was derived from an EB5 fund.  The construction loan has a term of three years interest-only, based on an interest rate that will float over the prime rate. 

The loan-to-value is 60% of as-complete valuation, and loan-to-cost is 75%.  The Estero Oaks Apartments will be built on 36.27 acres on the northwest corner of Estero Parkway and Three Points Parkway, Estero, Florida.

For a complete copy of the company’s news release, please contact:

Jessica Kinnee

Director of Marketing & Public Relations           

 Thomas D. Wood & Co.     

 (407) 374-0251                    

jessica@tdwood.com