The Real Deal Miami

Miami-based firm uses Freddie Mac loan to buy Fort Myers rentals for $55M

Lloyd Jones Capital got a $38.2 million loan to finance its acquisition of the 397-unit apartment complex
August 26, 2018 10:00AM

The Fountains at Forestwood apartment complex in Fort Myers (Credit: ApartmentList.com)

Miami-based Lloyd Jones Capital bought a 397-unit apartment complex in Fort Myers for $55 million, or about $138,000 per unit.

Lloyd Jones financed its acquisition of the apartment complex with a $38.2 million loan secured by Mitch Sinberg, Matthew Robbins and Jared Hill in the South Florida office of Berkadia Commercial Mortgage.

Lloyd Jones got the fixed-rate, 10-year loan though Freddie Mac’s “Green Up” program, which requires borrowers to commit to such property-improvement initiatives as a reduction in water consumption.

The Miami-based private equity firm acquired a rental housing property called Fountains at Forestwood, which opened in 1985 and has a swimming pool, a 24-hour gym, jogging trails along a lake and a car wash center.

The apartment complex’s address at 1734 Brantley Road in Fort Myers is near Interstate 75 and Florida Southwestern State College.

Lloyd Jones now owns 25 rental housing properties across Florida including the 120-room Granite at Miami Beach, the 432-unit Vibe at Gateway in St. Petersburg, and the 160-unit Meetinghouse at Collins Cove in Jacksonville. [Business Observer]Mike Seemuth