Catalyst Closes $75 Million Construction Loan and Starts Construction on 321-Unit Project
St Petersburg-based development firm Catalyst Community Development announced today the closing of a $75 million loan for the construction of Montage at Midtown, a 321-unit Class A apartment community located in the Midtown neighborhood of Downtown Fort Myers, FL. Dwight Mortgage Trust (“DMT”), the affiliate REIT of Dwight Capital, provided the $75MM construction loan. Dwight’s Tammy Tate originated this transaction for Catalyst.
“At a time when it’s extremely challenging to obtain construction financing, we were fortunate to work with a lender that understands the market and recognized the qualities that make this project so compelling,” stated Catalyst’s President Joseph Bonora.
Construction of the $100 million project has commenced and is expected to be completed by December 2025. Fort Myers-based Brooks & Freund is the General Contractor for the project, which represents the sixth multifamily community Brooks & Fruend and Catalyst have worked on together. Architectural design was provided by Fort Myers-based PDS Architecture and ZRS Management will be providing leasing and property management services.
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