(Read more on the debt and equity markets and the multifamily market .)

FLORIDA CITY, FL-Miami-based developer Five Star Builders has secured a $36-million construction loan for the 614-unit Floridian Key Homes townhome project adjacent to the Florida City Prime Outlets Mall.

The loan was provided by Birmingham, AL-based Regions Financial Corp. Construction began in January on the project, which will have two-, three- and four- bedroom units ranging in size from 1,150 to 1,830 sf. Prices for the units will start in the $150,000s. GlobeSt.com’s first report on the project pegged the development cost at $130 million.

“Floridian Key Homes fills a great need for affordable housing and opens doors for first-time homebuyers,” says Regions Financial Corp. senior vice president Jesus Garcia, in a prepared statement. “It will make a definitive mark on the area’s redevelopment.”

The project will be situated south of Miami in an area that is considered a gateway to the Florida Keys. The project is in close proximity to many local attractions, such as a Home Depot, Wal-Mart Superstore and the Homestead Sports Complex. It is also close to tourist attractions in the Florida Keys, such as the John Pennekamp Coral Reef State Park; Keys Gate Golf Club, Key Largo; Everglades Alligator Farm and Theatre of the Sea.

Keyes Company Realty is the exclusive sales and marketing firm for the project. The project is expected to attracted buyers are those seeking lower-cost alternatives to the most of the housing found in Miami-Dade County. To attract buyers in a slowed residential market, the project will offer beefed up standard features, such as 18-inch by 18-inch tile throughout the first floor, hurricane-impact glass doors and windows, wood-shade window treatments and a Plasma television set.

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