Campo Felice, a 24-story luxury multifamily apartment tower, was purchased for $55 million in an off market special situation sale
Berkadia announces it has arranged financing for the acquisition of a 24-story residential tower with 323 apartment units located in the historic downtown of Fort Myers, Fla. Campo Felice was acquired for $55 million by Westside Capital Group, a real estate investment holding firm based in Miami. The acquisition comes just two weeks after Westside made its debut in the Fort Myers market with the acquisition of another waterfront high-rise apartment property, the 265-unit Oasis Grand II, for $71 million, with the help of a $58.68 million loan also procured by Berkadia. The two properties are located less than two miles apart along the Caloosahatchee River.
Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured a $47.07 million loan on behalf of Westside, representing a 78 percent loan to value. Ladder Capital Finance, LLC provided the four-year, floating-rate loan, with full-term interest only.
“The exceptional location of Campo is undeniable, and it didn’t take long to find a lender who agreed with the Westside’s future vision for the property,” said Foschini. “With a strong, capable operator and the backing of a well-crafted loan, this property will increase in value through an expertly executed transformation, benefiting both residents and investors alike.”
“Campo Felice is a landmark property with spectacular amenities in the beating heart of downtown Fort Myers, which unfortunately never achieved its full potential,” said Jakub Hejl, founder and president of Westside. “Under Westside’s ownership, however, the property will immediately benefit from much-needed capital investment, operational expertise and professional management. Our first objective is to work closely with current residents to ensure that their needs are met. We are focused on making sure the transition of ownership yields only positive experiences for the senior residents currently occupying the building. At the same time, we’re also looking forward to working with our neighbors, nearby businesses and local officials as well to ensure this property becomes a true asset to the broader Fort Myers community now and well into the future.”
Located at 2500 Edwards Drive, Campo Felice was originally built as a Sheraton hotel in 1986. It sits on a 3.24-acre site on the south bank of the Caloosahatchee River, directly behind the Fort Myers Yacht Basin, a WPA (1939) marina project that has 241 boat slips. In 2015, The MacFarlane Group acquired and redeveloped the property into a luxury 55+ community. The property features one- and two-bedroom apartments with floor to ceiling windows, and an array of amenities including four dining venues, a resort-style pool with jet spa, a 2,200-square-foot fitness center, a 49-seat movie theater, salon, dog park, ballroom and 521 parking spaces. It sits in the heart of the Historic River District, within walking distance to many restaurants and shops, and easily accessible to destinations like the Florida Repertory Theatre, Fort Myers Library, JetBlue Park, FGCU, and Lee Memorial Hospital. It is also convenient to US-41, I-75, MLK Jr Blvd, as well as public bus transportation.