Investor building 178,000-square-foot Lakewood Ranch industrial property

Naples/Fort Myers/Charlotte

Fun with financing: The developers behind a 280-unit Cape Coral apartment community have obtained $41.66 million in financing. The loan was originated by Greystone, a commercial real estate finance company. The complex is The Palms at Cape Coral, which was built in 2022 by New York-based Young Development. According to Greystone, which announced the financing, the fixed rate Fannie Mae loan has a 10-year term and 30-year amortization with five years of interest-only payments. The garden-style apartment community is made up of five buildings with one-, two- and three-bedroom units. Young was founded in 1984 and owns apartments, as well as other properties, mostly in New York. In Florida, it owns The Palms property, which opened Nov. 30, 2022, and a second complex, The Oaks at Cape Coral at 31 Pine Island Road, which is “coming soon” according to the company’s website.