Grand Central

Grand Central delivered 280 Class A apartments in Fort Myers in 2020, at a total cost of $50 million.

The capital structure is the most instructive one in the portfolio. Construction was financed through a HUD 221(d)(4) loan, which carries a longer approval timeline than conventional construction debt but delivers 40-year fixed-rate, non-recourse permanent financing at close. Layered on top were tax increment financing and impact fee credits.

The stormwater solution used nutrient bank credits, purchasing offsite water quality credits rather than building additional onsite treatment. That freed developable area on a constrained site. It is the kind of answer that only surfaces when the entitlement team and the capital team are working the same problem in the same room.