new apartment construction finance

[NA NA]

Lucky Me,

I've been in the home construction business for 20 years. Made enough $ to keep the ball rolling, but held in there long enough to end up with 43 acres of land with public utilities... now rezoned for 20 acres of new Apartments, 10 acres of Townhomes and a 12 acre nature preserve.

Does anyone care to suggest a development idea for this property. My accountant says to start small with a building or two and go from there. I checked into FHA financing for 136 unit apartment complex, the rate was good at 6% but the add-on costs of doing business with the Federal Government was rediculous.

Your suggestions and comments are much appreciated. Ed in Va.