Madison Communities and Heitman have closed a $44 million construction loan for Madison Bonita Springs, a 252-unit Class A apartment community in Bonita Springs, Fla.
First Citizens Bank provided the financing. Patterson Real Estate Advisors facilitated the loan.
“Madison Bonita Springs represents an excellent opportunity to capitalize on the robust economic development momentum in the area,” said Heitman’s Sarah Bertrand.
The property on Bonita Beach Road offers convenient access to major transportation routes. Furthermore, proximity to renowned healthcare institutions like Lee Health and the NCH Healthcare System.
Madison Bonita Springs offers proximity to recreational amenities such as Barefoot Beach, luxury resorts like the Ritz Carlton Naples and Naples Grand Beach Resort, and entertainment options, including the Seminole Casino Hotel in Immokalee.
With construction spearheaded by Madison Communities’ in-house contractor, BenCo, the project targets the third quarter of 2025 for its first units, with completion by the end of 2025.