More than 150,000 residents live within a five-mile radius of the development on the southwest corner of Southern Boulevard and U.S. 441.

"Desirable market fundamentals coupled with the borrower's unique business plan helped us to secure very favorable financing terms for our client," Taft said.

Tuttle Royale ultimately will include 1,100 apartments and 500,000 square feet of commercial development, including medical offices, retail with a grocery store and a bank, a 100-key hotel, a preschool and a 1,500-student charter school.

The $18 million refinances a pre-development loan that is to be paid off by a future construction loan, which is to be obtained once retail pre-leasing and building permits are secured.

Tuttle Land Development is led by CEO Brian Tuttle and co-president Michael Tuttle. Tuttle Land Development is the master developer and is working with others building parts of the project.

The Related Group completed the 392-unit Town Southern apartment complex on 29 acres at 11020 Town Circle. Amenities include a lake, volleyball and tennis courts, putting greens, bocce ball courts and pool.

Florida Crystals is to start construction this year on its Tuttle Royale apartment project.