Related and Carlisle Close $20M Shelter Deal

MIAMI-Continuing a three-year alliance, New York-based Related Capital Co. and the Carlisle Group of suburban Coconut Grove, FL have completed a $20.1 million debt and equity deal on the Oaks at Omni, a 300-unit, 13-building affordable housing complex under construction at Fort Myers, FL, 180 miles northwest of Downtown Miami.

Related is providing $9.6 million of equity investment for the tax credits generated by the apartment venture. PW Funding, a Related affiliate, is supplying $10.5 million in development financing. The project is expected to be completed by summer 2003.

The 20-acre site is at 10101 Immokalee Road (State Road 82) in northeastern Fort Myers. One bedroom to three-bedroom units will have 770 sf to 1,200 sf of living area. All of the units will be rented to households earning 60% or less of the area’s median income. Rents will be $225 to $670 per month.