Aileron Investment Management secured a $40.6m loan to develop Grand Central Apartments, a market-rate community in Fort Myers, Florida. Love Funding secured the financing through the US Department of Housing and Urban Development’s loan-insurance program. The program will provide a low-rate, non-recourse loan for a subsequent 40-year term. The project will also benefit from tax-increment financing approved by the Fort Myers Community Redevelopment Agency as well as from stormwater nutrient bank credits. The scheme will include two four-story elevator buildings and two three-story walk-up buildings. Totaling 280 one- and two-bedroom units, the project will also feature 15,000 sq ft of retail space. The community was designed by MHK Architecture and Planning.
