Bank OZK Provides $173M Construction Financing for Lido Key Beach Condo
The Ronto Group and Wheelock Street Capital are partnering with Rosewood Hotels & Resorts
By Brian Pascus November 21, 2023 3:10 pm
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The Ronto Group, a developer based in Naples, Fla., and Wheelock Street Capital, a Greenwich, Conn.-based real estate investment fund, have secured $173.5 million in construction financing for Rosewood Residences Lido Key, a 65-unit luxury condominium in Sarasota, Fla.
The developers are partnering with Rosewood Hotels and Resorts, which will provide residents access to Rosewood properties around the world and to units with amenities exclusive to the Rosewood brand.
Financing was provided by Bank OZK (OZK), while JLL Capital Markets represented the buyer in the transaction. A JLL team of Steven Klein, Brian Gaswirth, Paul Adams and Shane Ciacci led the deal.
Located at 930 Benjamin Franklin Drive — a short walk from Lido Key Beach — Rosewood Residences Lido Key will feature three-bedroom and four-bedroom residences ranging from 3,500 to 5,000 square feet. The units will each have private elevator access and personal garages for tenants. Community amenities on the property include a beach club, a swimming pool, a game room, a children’s playroom, a fitness center and a 12-seat movie theater.
“The Ronto Group and Wheelock Street Capital continue to redefine the pinnacle of luxury along the west coast of Florida by finding irreplaceable development sites,” said Klein in a statement. “It’s incredible to partner with such a luxurious brand and to build Rosewood’s first exclusively residential-branded property.”
The Rosewood Residences Lido Key will add yet another injection of life into Lido Key Beach. The area features a bustling shopping district with nearly 150 retail stores, including the famous St. Armands Circle, a historic district marketplace established in 1893
The Ronto Group and Wheelock Street Capital did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
