George Smith secures $ 26 million construction loan for SFR project in Fort Myers, Florida

The new 130 single-family rental development in Fort Myers is expected to be completed by the end of 2022.

FORT MYERS, FL. – George Smith Partners has secured a $ 26 million loan to build a new 130 single family rental complex in Fort Myers. Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners provided funding on behalf of the developer, Soltura Development Group.

The entire project is expected to be completed by the end of 2022. The new development will be part of The Forum, a planned 706-acre community adjacent to Top Golf and located on the east side of Fort Myers. The community includes restaurants, retail, offices, medical services, assisted living facilities and residential communities.

George Smith Partners guaranteed the construction debt at a loan-to-cost ratio of 70%. A Kansas-based bank, Equity Bank, provided the loan.

Soltura is a Naples, Florida-based real estate development company focused on residential, hotel, restaurant / bar and commercial projects. George Smith Partners is a Los Angeles-based provider of capital market advisory services to the commercial real estate industry. The company specializes in arranging financing for commercial and multi-family properties, including acquisition, construction, bridge loans and permanent loans.

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