Alliance Companies is moving forward with the development of their 280-unit Montego Square Apartments located at 4051 Winkler Avenue in Ft. Myers, Florida, following a loan closing on the $57.3 million construction project and subsequent ground breaking last month.
The road to progress on Montego Square Apartments is a testament to their leadership’s patience and perseverance. Alliance acquired the 18-acre site for the development in 2020 after which the world and the area experienced major disruptions that impeded the ability to move projects forward, with the onset of the COVID pandemic and ensuing federal, state and local government shut-downs, supply chain disruptions, Hurricane Ian and the increases in interest rates, among other market forces.
“We’ve overcome significant challenges getting to where we are today as we begin construction of Montego Square,” said Robert Cambo, Managing Partner, Alliance Companies. “While elements of the market have changed, one thing that hasn’t is the need and demand for moderate income multifamily units. We found a way for a good project happen.”
Montego Square Apartments will be a series of four, four-story, elevator-served, garden style residential buildings. The 280 units in the development will be comprised of a combination of studio, one-bedroom, two-bedroom and three-bedroom units, each boasting a private balcony.
Unit amenities include wood-inspired LVT flooring in the common areas and bedrooms will feature luxury carpeting for added comfort. The chef inspired kitchen comes with quartz countertops, a stainless steel appliance package, recessed lighting and eat-in kitchen island. Each unit will have a designated laundry room with a full-size washer and dryer.
According to Cambo, one of the differentiating factors for Montego Square will be inclusion of elevator service in all four buildings; expanding the market to a certain segment of the population with physical limitations. Currently, neighboring developments with 3-story buildings and larger number of units do not offer elevator service.
The $57,305,300 funding for the HUD-insured 221(d)(4) loan financing the construction of Montego Square is being provided by Greystone, a leading national commercial real estate finance company. The financing was originated by Joe Averbook and Elie Gabay, both Managing Directors at Greystone.
“Greystone’s expertise in FHA lending programs goes without saying, and we pride ourselves on being both product- and market-knowledgeable to help our clients achieve their goals,” said Averbook. “It was a true pleasure working with the Alliance team.
Montego Square is Alliance’s second in a planned portfolio of moderate-income multifamily development. The first, Isla Apartments, located in Palm Bay, is a $31.0 million, 197-unit community that was developed in 2021. The project is currently 100% leased. It is similar in design and amenities offered, and essentially serves as a prototype for future Alliance developments. Additionally, over the last 4 years, Alliance has amassed a total of 100 acres of land in a half dozen communities—including Osceola, Kissimmee, Brevard County, Melbourne and Orlando — where the company could develop as many as 1,500 units.
The general geographic area where Alliance has further plans for development, consistent with the location of Montego Square and Isla Apartments, is in close proximity to Interstates 4, 75 and 95. These areas, according to Cambo, are the areas where there is great potential for job growth and demand for moderate-income apartments.
