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Developer gets $44 million loan to build Bonita Springs apartments

The financing allows the developers of the planned 252-unit apartment community to begin leasing by the end of next year.

By Louis Llovio
| 5:00 p.m. February 12, 2024
| 0 Free Articles Remaining!

Madison Communities and the investment firm Heitman have borrowed $44 million to build a complex in Bonita Springs.

Charlotte–Lee–Collier

The developers behind a 252-unit apartment complex planned for Bonita Springs have nailed down a major construction loan.

Madison Communities, a North Carolina multifamily developer, and Heitman, a Chicago real estate investment firm, secured $44 million for the project.

The loan, according to a news release, was issued through First Citizens Bank and facilitated by Patterson Real Estate Advisors. Terms were not disclosed.

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Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.