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Five Star Builders Secures $36M for Townhome Plan

FLORIDA CITY, FL-The 614-unit Floridian Key Homes is rising next to the Florida City Prime Outlets Mall.

By Natalie Keith | Updated on July 05, 2007

(Read more on the debt and equity markets and the multifamily market .)

FLORIDA CITY, FL-Miami-based developer Five Star Builders has secured a $36-million construction loan for the 614-unit Floridian Key Homes townhome project adjacent to the Florida City Prime Outlets Mall.

The loan was provided by Birmingham, AL-based Regions Financial Corp. Construction began in January on the project, which will have two-, three- and four- bedroom units ranging in size from 1,150 to 1,830 sf. Prices for the units will start in the $150,000s. GlobeSt.com’s first report on the project pegged the development cost at $130 million.

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