Berkadia, a leader in the commercial real estate industry, announces that it secured a $65 million bridge loan to refinance The Orchard at Portofino Vineyards, a newly built 264-unit, garden-style multifamily property located in Fort Myers, Florida.
Managing Director Brad Williamson and Vice President of Originations Kyle Ryan of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Matt Robbins, secured the loan on behalf of the owner, Prime Group of Hollywood, Florida, which has a real estate portfolio valued at $1.9 billion.
MF1, the lender, provided the two-year, floating-rate loan, the proceeds of which will pay off a $49.5 million construction loan.
“This opportunity generated significant interest from lenders due to the well-heeled sponsorship and the subject property’s location within a submarket with limited new supply and strong demand drivers,” explained Williamson. “Fort Myers was ranked the No. 1 fastest-growing city in 2024-2025 by U.S. News & World Report, and over the next five years, the population in the immediate area is projected to grow by 10%.”
“We’re thrilled with the successful completion of the second phase of our multifamily development project in Fort Myers,” added Larry Abbo, CEO of Prime Group. “As the city continues to grow and attract a vibrant mix of young professionals and top talent, we’re committed to supporting this evolution. By delivering a best-in-class product, we’re catering to the evolving needs of today’s tenants. With plans to build a community that includes townhomes and single-family residences, we’re focused on meeting the increasing demands of our residents and creating a space that fosters both growth and connection.”
Built in 2024 and located at 9920 Portofino Vineyards Drive, The Orchard at Portofino Vineyards is Phase II of a three-phase, 70-acre master-planned community developed by Prime Group featuring garden apartments, townhomes and single-family residences for rent. Phase I, The Grove at Portofino Vinyards, was completed in 2020 and consists of 312 garden-style apartments. Phase III, The Woodlands at Portofino Vineyards, will feature 202 townhomes and single-family homes for rent, with an expected delivery date of mid-2025.
As the second apartment property in the community, The Orchard at Portofino Vineyards will offer a more upscale residential option for renters, with high-end finishes and luxurious amenities. Located on 13 acres, the property consists of 12 three-story residential buildings offering one-, two- and three-bedroom units ranging from 821 to 1,398 square feet. The gated community offers a range of high-end amenities, including a lakefront clubhouse and pool, 24-hour fitness center, coffee bar lounge, BBQ area, dog park, dog wash station, electric vehicle charging stations, a car wash station, and abundant parking with carports. On-site management, valet trash service, and storage units are also available.
Conveniently located off Interstate 75, the property is just five minutes from the Florida Gulf Coast University campus, and near major employers like Hertz Global Headquarters, the Southwest Florida International Airport, Gartner Technology’s South Campus, Chico’s FAS Headquarters, NeoGenomics Laboratories Headquarters, and two brand-new medical facilities for Lee Health and HCA Healthcare.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
