Florida to Sell $36 Million of Revenue Bonds for New Development in Fort Myers
By Chris Wack
The Florida Housing Finance Corp. plans to issue $36 million of bonds and will lend proceeds from the sale to a limited partnership for the construction of a new rental development.
Proceeds from Series T multifamily mortgage revenue bonds will be used to pay a portion of the costs of buying, constructing and equipping the development located in Fort Myers, according to a document posted Friday on MuniOS.
The loan will be evidenced by a promissory note in the principal amount of $36 million from Southward Village to Florida Housing.
The development, known as Southward Village CNI Phase 2 in Fort Myers, will sit on a 16.2-acre site. The 151 units will be located in 20 buildings. Site amenities and features will include an exercise room, community center or clubhouse, playground and high-speed internet.
The bonds are special obligations of the corporation.
Interest is payable starting on June 1 and again Dec. 1. The securities are subject to optional redemption starting on June 1, 2028. The bonds reach final maturity in December 2044.
The Florida Housing Finance Corp. was created as an entrepreneurial public corporation organized to provide and promote the public welfare by administering the governmental function of financing or refinancing of housing and related facilities in Florida.
Moody's assigned the bonds a rating of Aa1.
Stifel is listed as the lead underwriter.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
November 03, 2025 14:26 ET (19:26 GMT)
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