Fortunately, the long-held axiom, “Time kills all deals” didn’t hold true this time for Reese Stigliano.
Stigliano, president of Stigliano Commercial Real Estate, announced the $1.2 million sale of 6.44 acres of land in Fort Myers, FL.
The sale closed April 23rd.
According to Stigliano, the parcel of land went under contract in September of 2017, over two and a half years ago. Stigliano represented the Seller, RHS Urban, LLC. The buyer was Banyan Development Group, LLC, an affordable multifamily developer based in Orlando, FL.
Typically, an “affordable” housing land deal takes 12-18 months due to the financing procedure. This project, a 96-unit family rental, was financed through a low-income housing tax exempt bond issued by the Florida Housing Finance Corporation. Tax exempt financing is available in yearly cycles. If a developer does not get financing in a given cycle, they have to wait up to another year to get into the next cycle of available financing.
Also in Stigliano’s favor was a long-term relationship with the Seller.
“I sold the land to RHS Urban back in 2005. Thankfully, they had the flexibility and patience to hang in there with this buyer,” said Reese. “There are no slam dunks in this business; it takes a balance of tenacity and patience to be a successful land broker.”
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Mr. Stigliano’ s talent in bringing complicated commercial transactions to a close has been evident in his successful 35-year brokerage career.