Fitzgerald of Largo Capital secures $15 million construction loan for 156-unit Forest Cove housing development

Bradenton, FL Ian Fitzgerald of Largo Capital, Inc. arranged a $15 million construction loan for Forest Cove, a 156-unit workforce housing development. The financing was structured on a five-year term with 36 months of interest-only payments and a completion guaranty that burns off to non-recourse at stabilization.

The project is a public-private partnership between Manatee County and a developer group that includes some of the area’s largest employers as equity partners. Each participating employer reserved a proportionate number of units for their employees to rent at affordable rates.

The structure is creative, replicable, and reflects Largo Capital’s ability to close complex transactions.