SOURCE: Commercial Alliance Group

March 06, 2007 11:16 ET

Commercial Alliance Group Arranges Financing for 448-Unit, $160 Million La Vita Condominium Project in Fort Myers, Florida

SANFORD, FL -- (MARKET WIRE) -- March 6, 2007 -- Commercial Alliance Group, a Central Florida real estate development financial services firm, has been named the financing agent for the $160 million La Vita condominium project in Fort Myers, Florida.

Commercial Alliance Group's principals previously arranged $8.235 million acquisition financing and the firm has committed to provide up to $10 million in mezzanine financing. Investment opportunity in the company's $10 million mezzanine loan will be available to accredited individual and institutional investors with whom the firm has an established relationship.

The balance of the financing will be provided by a revolving development and construction credit facility now being negotiated with a major bank.

The La Vita project will include 16 eight-story condominium buildings on the 18.80-acre site located at the southeast corner of the intersection of Colonial Boulevard and Metro Parkway, Fort Myers, Florida. The contemporary-style buildings will be developed around a central, cloverleaf shaped, 5-acre lake. Each of the 448 condominium units will be lakefront.

The community clubhouse will include a rooftop pool, an indoor/outdoor poolside bar, a ball room, picnic and barbecue areas, game rooms, an indoor racquetball court, a wellness and fitness spa and salon, a business center and meeting rooms in addition to play areas for children. A limited number of private garages will be available in each building.

"La Vita is destined to be a distinctive Fort Myers landmark convenient to all of Lee County and the southwest Florida Gulf Coast. The community will provide an affordable, luxury Florida resort lifestyle that will be attractive in the first home buyer, working couple, family and retiree markets," said Commercial Alliance Group Vice President Scott Colon.

La Vita will offer a selection of floor plan models in two-bedroom, two-bath; two-bedroom, two-bath, den; three-bedroom, three-bath, den; and penthouse styles ranging in size from 1,260 square feet to 2,560 square feet. Pre-construction prices for a two-bedroom, two-bath unit start at $245,500.

For further sales information, call 866-452-8482 or go to www.LaVitaFortMyers.com.

About Commercial Alliance Group

Commercial Alliance Group, Inc. (www.commercialalliancegroup.com) is an integrated real-estate-development, financial-services firm providing capital and consulting services to qualified developers. In addition to being a direct provider of mezzanine debt and equity capital, Commercial Alliance Group, Inc. acts as agent in the placement of senior capital and provides business, financial and strategic-planning services to its real-estate-developer clientele. The company's mezzanine-debt and equity-financing products form the platform for investment opportunities available to individual and institutional-accredited investors -- an innovation developed by the principals of Commercial Alliance Group. The Sanford, Fla., company serves as the bridge between the real-estate-development-project concept and the capital necessary for the project's success.

Contact Information

  • For more information:
    Scott Colon
    Vice President
    Commercial Alliance Group:
    Email Contact
    407-330-3062