Developer Dan Kodsi got $44.6 million of Fannie Mae financing secured by rental housing just north of Naples in Estero.
Kodsi, CEO of Royal Palm Companies, is one of the developers behind Paramount Miami Worldcenter a 60-story condo development in downtown Miami.
New York-based real estate lender and investor Greystone arranged a Fannie Mae loan secured by Estero Oaks, a 280-unit apartment property built in 2016 with a business center, clubhouse, dog park, gym, yoga studio, outdoor spa and swimming pool.
The Fannie Mae loan has a 10-year term and a 30-year amortization schedule after two years of interest-only payments.
Nicholas Diamond in the New York office of Greystone originated the loan, with Lighthouse Advisory Capital and Jaya Capital acting as correspondents.
The financing initially was supposed to come from Fannie Mae’s “Near Stabilization” program. But ultimately it came from the traditional Fannie Mae program for such transactions, which increased the limit of the loan to the Kodsi-led ownership group.
The owners and their related management company, Rosemount Management, stabilized Estero Oaks so fast that “we had no difficulty converting the loan midway through the process … to traditional financing,” Diamond said in a prepared statement. – Mike Seemuth