Fort Myers, FL, 09/12/2019 – It was announced on July 19, 2019, that PNC Bank has approved a $41.59 million loan to Murano At Three Oaks Associates LLC to finance the construction of a 318-unit apartment project in Fort Myers, Florida, according to a recent public record filing.
Courtelis Co., a diversified real estate investment and development firm based in Miami, has begun construction on the new project located on Three Oaks Parkway, just south of Alico Road and near Florida Gulf Coast University and Gulf Coast Town Center.
Plans for the new multifamily project call for the construction of two, four-story buildings, each surrounding a central courtyard, according to design renderings for the project. The project architect is Forum Architecture based in Altamonte Springs, Florida.
Murano At Three Oaks Associates LLC is a Florida limited liability company which is an equal partnership between Courtelis Company, the developer, and The Kislak Organization, Barron Collier Cos. and HMG/Courtland Properties, based in Coconut Grove, Florida.
Total development costs for the project are estimated at $56 million. The loan agreement requires that the new apartments be completed no later than 30 months from loan closing, January 2022 at the latest.