Northwestern Mutual Gives $29 Million Loan On Luxe Fort Myers Apartments
Northwestern Mutual Real Estate has extended a $28.8 million purchase loan to DTN Management Company to buy a luxury apartment development in Fort Myers, Florida.
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 more than 62.3%.
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 a 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.