Madison Communities and Heitman Secure $44 Million Construction Loan for Luxury Apartments in High-Growth Bonita Springs Market
February 9, 2024
Bonita Springs, Fla. (Feb. 9, 2024) — Madison Communities, a leading multifamily developer, in partnership with Heitman, a global real estate investment management firm, has successfully closed a $44 million construction loan for Madison Bonita Springs, a Class A apartment community situated in the high-barriers-to-entry city of Bonita Springs, Fla.
With First Citizens Bank providing the financing, Madison Communities has demonstrated resilience in securing debt for its latest project during a national slowdown in commercial lending. Patterson Real Estate Advisors facilitated the loan, underscoring Madison Communities’ commitment to strategic partnerships in navigating complex financial arrangements.
“Securing this construction loan for Madison Bonita Springs reflects our unwavering dedication to delivering exceptional living experiences in high-demand, high-barrier markets,” said Madison Capital Group CEO, Ryan Hanks. “We are excited to collaborate with Heitman and our financial partners to bring this vision to life.”
“Madison Bonita Springs represents an excellent opportunity to capitalize on the robust economic development momentum in the area,” said Sarah Bertrand, Assistant Vice President, Heitman Private Debt Origination. “We are confident in the success of this project and its alignment with our investment objectives.”
Situated in a high-growth area between Naples and Fort Meyers, Madison Bonita Springs leverages the economic development momentum of the region. The property’s prime location directly on Bonita Beach Road and adjacent to the I-75 interchange offers convenient access to major transportation routes. Furthermore, proximity to renowned healthcare institutions like Lee Health and the NCH Healthcare System, as well as the upcoming Arthrex Headquarters, underscores the area’s appeal for residents and investors alike.
Madison Bonita Springs location also offers proximity to recreational amenities such as Barefoot Beach, luxury resorts like the Ritz Carlton Naples and Naples Grand Beach Resort, and entertainment options including the Seminole Casino Hotel in Immokalee.
With construction spearheaded by Madison Communities’ in-house contractor, BenCo, the 252-unit project is targeting the third quarter of 2025 for their first units with completion by the end of 2025.
About Heitman
Heitman is a global real estate investment management firm with over $51 billion in assets under management as of September 30, 2023. Founded in 1966, we have 10 offices worldwide and are an active participant in three key segments of the global real estate property and capital markets. Our collaborative investment process uses input from some who we believe to be the most experienced investment and research professionals in the industry. For more information, visit heitman.com.
About Madison Communities
Madison Communities is an affiliated company of Madison Capital Group, a vertically integrated real estate development and investment firm focused on building high-quality, suburban, garden-style apartment communities throughout the Southeast. For more information, visit livemadisoncommunities.com.
Media contact:
Thornton Kennedy
thornton@prsouth.net
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