Dan Gorczycki, formerly of Avison Young and now with TrueRate, has closed a $71.5 million revolving construction loan for a build-to-rent project in Brandon, FL by Brandon Development Partners.
Corevest Finance is financing the horizontal and vertical construction of a 360-unit townhome, project on an approximately 60-acre site. The floating-rate revolving loan features full-term interest-only payments for its 30-month duration.
The funding covers phase one of a two-phase, 660-unit townhome development. The property will be built in six sub-phases. Its amenities will include a pool, fitness center, dog park, walking trail, firepits and mixed-use buildings with stores.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
