National Core To Develop 144-unit Affordable Housing Community In Fort Myers, Florida

FORT MYERS, Fla. — National CORE has announced plans to develop Oak Park Senior Living, an affordable seniors housing project in Fort Myers. 

Upon completion, the four-story community will feature 144 apartment units for residents age 62 and older earning between 30 and 65 percent of the area median income. Residences will include 124 one-bedroom apartments and 20 two-bedroom apartments. Amenities at the property will include a community room, cybercafe, swimming pool, fitness room, community garden and pickleball court. 

Residents will have access to computer training, daily activities and free assistance with light housekeeping, grocery shopping and laundry through AGPM, National CORE’s property management partner. 

KeyBank Community Development Lending and Investment has provided $16 million in low-income housing tax credit (LIHTC) equity. KeyBank’s Commercial Mortgage Group privately placed $22 million in tax exempt bonds for the construction and arranged a $7.4 million Freddie Mac Forward commitment for permanent financing, which will be funded upon stabilization of the community. 

Florida Housing Finance Corp. has committed $22 million to the project in the form of a Multifamily Mortgage Revenue Note, as well as $9.5 million from the Rental Recovery Loan Program, $1.2 million of Extremely Low-Income funding and $1.9 million in 4 percent Housing Credits. 

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