The developer of an apartment complex in Bradenton will finance its expansion with a $31.1 million construction loan insured by the Federal Housing Authority (FHA).
The loan will finance construction of the 192-unit second phase of the Blue Heron apartment complex.
M&T Realty Capital Corp. closed the $31.1 million loan on behalf of Akron, Ohio-based Cedarwood Development Inc., the developer of Blue Heron.
The additional 192 market-rate apartments will include one-, two- and three-bedroom units with open floor plans, kitchens finished with granite countertops, and screened balconies or patios.
The construction loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 221(d)(4) program. – Mike Seemuth