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.
With the money in hand, the first units should be ready for move in late next year with the complex completely finished by the end of the year.
The community, which will be known as Madison Bonita Springs, is on Bonita Beach Road right at the Interstate 75 interchange.
Madison, whose in-house construction company BenCo. is building the apartments, was founded in 2009. According to its website, it has built more than 2,000 units in six states and has more than 4,000 units currently under construction. Of its properties, three are in Florida — one each in Pensacola and Kissimmee that are leasing and one under development in Apopka.
As for Heitman, it was founded in 1966 and has 10 offices worldwide. The firm says that as of Sept. 30 it has $51 billion in assets under management.
Sarah Bertrand, an assistant vice president at Heitman working in private debt origination, says in the statement that the apartment community provides the company with a chance “to capitalize on the robust economic development momentum in the area."