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Construction Lending

CAG Funds Condos

Commercial Alliance Group, a real estate development financial services firm, has closed on a second round of funding for the La Vita condominium project in Fort Myers, Fla.

The second round consisted of a $2.4 million senior acquisition loan future advance arranged by CAG and the first funding of a $3.3 million mezzanine loan funded by CAG.

Commercial Alliance Group was named the financing agent for the $160 million project in January. The firm has committed to provide up to $10 million in mezzanine financing and is arranging the additional capital necessary to develop the project. "In the last year, the La Vita condominium project has been redesigned as a lakefront, resort-style community. We're pleased that there has been tremendous interest in this moderately priced residential alternative for first-time homebuyers, families and retirees centrally located in the Fort Myers market," said Commercial Alliance Group vice president Scott Colon.

The 448 condominium apartments will be developed in 16 eight-story buildings on the 18.8-acre site located at the southeast corner of the intersection of Colonial Boulevard and Metro Parkway in Fort Myers. The contemporary-style buildings will be developed around a central, cloverleaf shaped, five-acre lake.

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