Centennial Bank has provided a $58.8 million construction loan to Prime Hospitality Group for the development of Woodlands at Portofino Vineyards, located at 19093 Cresenzo Court within the Three Oaks community. This Build-to-Rent (BTR) community offers multiple floorplans and amenities, including a clubhouse, pool and fitness facilities nestled among nature preserves and lakes. It is one of three communities in Portofino Vineyards – a 71-acre area five minutes from Florida Gulf Coast University that also includes apartment complexes The Grove and The Orchard which is nearly complete.
Woodlands will consist of 96 townhomes as well as 106 single family residences designed to tap into an “increasing societal shift toward a carefree lifestyle that offers convenience and freedom without property maintenance or homeownership responsibilities” according to developers.
The BTR market in Florida continues to grow with Tampa metro area having 1,404 units under construction while Sarasota has 770 units currently being built..
