Kodsi gets $44.6 million loan on rentals in Estero

Greystone arranged the 10-year Fannie Mae loan secured by 280-unit apartment property that opened last year

Dec.December 10, 2017 01:00 PM

Developer Dan Kodsi

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

Related Articles

Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo