Loan default stalls Naples-area development of condo-hotel
The deed to the development site has been conveyed to an affiliate of Endeavor Capital Finance, which holds the defaulted loan
A condo-hotel development in the Naples area stalled after the developer defaulted on a loan.
David Bartley Sr., the exclusive broker for the development, called Trio, told the Naples Daily News without elaboration that “the project is on hold at this time.”
The developer is Trio Southern Holdings LLC, managed by Anthony Fortino, owner of Naples-based Fortino Construction and Development.
According to Collier County records, Trio Southern defaulted on a loan for the condo-hotel development, and on April 13, a deed to the development site was conveyed to a Massachusetts company that shares the same address as the owner of the defaulted loan, Endeavor Capital Finance.
The development site is located at U.S. Highway 41 and Davis Boulevard, just outside Naples in the Gateway Triangle area of Collier County.
Customers Bank, a Pennsylvania-chartered bank, assigned the loan to Endeavor on April 2. The principal amount of the loan is $4 million.
Trio Southern last summer redesigned its Trio development to reduce the size and price of the condo units.
The developer recently applied to amend its site development plan for the condo-hotel project to reduce the number of condo units and increase the number of hotel rooms.
That application is still pending. Collier County officials haven’t processed it because Trio Southern hasn’t paid more than $25,000 of road impact fees stemming from the Trio development.
On May 8, Collier County commissioners are scheduled to consider approval of another condo-hotel development on a site near the Trio site. [Naples Daily News] – Mike Seemuth