The Real Deal Miami

Aztec Group secures $15 million for Estero project

The 3-year acquisition and development loan has a 5% interest rate and an an extension option

January 09, 2016 03:00PM

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Jason Shapiro of Aztec Group

Jason Shapiro of Aztec Group

UPDATED Jan. 12, 6 p.m. Aztec’s representative said the deal has yet to be finalized.

Miami-based Aztec Group Inc. helped a borrower obtain a $15 million real estate acquisition and development loan for a residential project in the Fort Myers area.

An unidentified Florida-based community bank made the $15 million loan with an initial term of three years, an option to extend the term one year, and a 5 percent interest rate.

The borrower, The Place at Corkscrew LLC, an affiliate of Cameratta Companies, obtained the loan for a project to build as many as 1,325 single family homes in Estero, a suburban location east of Fort Myers.

The land at 17502 Corkscrew Road in Estero is a 1,361-acre site with zoning that permits construction of 1,325 single-family homes.

“Over the past six years, the Estero suburban market has seen an increase in planned developments and new single-family housing built,” Jason Shapiro of Aztec Group said in a press release. “The closing of this deal is a testament to the steady demand.”—Mike Seemuth