Fort Myers build-to-rent development gets $58 million in financing

The developer behind a Fort Myers build-to-rent community has gotten $58 million in construction financing.

Hollywood, Florida-based Prime Hospitality Group was lent the money to develop the Woodlands, one of three communities in the Portofino Vineyards development in the Three Oaks neighborhood near Three Oaks Parkway.

The funding for the $98 million project is coming from Centennial Bank. Eugene Font, a senior vice president and commercial loan officer at the bank, says construction has already begun, and the project is due to be delivered in 2025.