 |
| 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
No comments:
Post a Comment