The Cove at 47th
Forum Capital Advisors Arranges $12 Million Preferred Equity for Multi-Family Development in Cape Coral, Florida
The Forum Structured Finance Team at Forum Capital Advisors LLC, a Denver-based real estate investment and asset management firm, announced today that is has closed on a $12 million preferred equity investment supporting the development of a mixed-used complex in downtown Cape Coral.
"Forum is excited to work with Huntington National Bank for the construction debt on this development located in downtown Cape Coral," said Ross Macdonald, Senior Director – Investments. "We are excited to close another deal in the Florida market and look forward to potential future opportunities with this strong sponsor."
Once completed, anticipated in 2025, the project should consist of 327 multifamily units along with 20,000 square feet of retail space and structured parking. The five-story development should include a variety of floor plan types, ranging from studio to 3-bedrooms. The building will also feature community amenities such as a resort-style pool with an outdoor kitchen, dog park, and bike storage and workshop.
Cape Coral is home to Lee Health and Florida Southwest college, allocating for over 13,000 employees and 16,000 students. We believe the project is well-located in the city, next to Cape Coral Parkway, home to over 30 restaurants and bars, a Publix Super Market, and several parks, beaches, and canal channels.
"The development is led by a very strong, vertically-integrated sponsor, who is working in partnership with the city to deliver a much needed housing, parking and retail asset to the community. For these reasons, coupled with the strength of the local market, we believe the project will be a huge success," said Joe Chickey, Managing Partner – Structured Finance.