Bank OZK Provides $215M Construction Loan for Phase 1 of Florida Community
Spanning 500 acres, London Bay Homes’ Saltleaf on Estero Bay will feature a Ritz-Carlton residence and 18-hole golf club
By Brian Pascus January 5, 2024 2:42 pm
reprints
London Bay Homes has secured a $215 million construction loan to build The Ritz-Carlton Residences, Estero Bay South Tower — the first phase of a master-planned luxury condominium community in Bonita Springs, Fla.
Bank OZK provided the construction financing, while a JLL Capital Markets debt advisory team of Brian Gaswirth, Jimmy Calvo and Paul Adams arranged the loan on behalf of London Bay Homes, according to a JLL release.
Estero Bay South Tower will be the first Ritz-Carlton Residences in Southwest Florida. The residential project is part of a larger development by London Bay Homes known as Saltleaf on Estero Bay, a 500-acre master-planned residential and golf community.
Occupancy is scheduled to begin sometime in 2025, according to the building’s website.
“London Bay’s design and development execution of the Saltleaf community and The Ritz-Carlton Residences is a testament to their vision and creativity that is setting a new standard for luxury in Southwest Florida,” said Gaswirth in a statement. “We’re thrilled to have worked alongside such an incredible London Bay team to help them capitalize this exciting project.”
The Estero Bay South Tower will reach 22 stories and house 112 units across two-, three- and four-bedroom residences.
Each unit will average 3,400 square feet and feature luxurious finishes tied to the Ritz-Carlton brand. The building itself will boast 36,000 square feet of amenities, including a fitness center, a Pilates studio, a wine and whiskey room, a card room, and private locker rooms with steam rooms and saunas. A 5-acre outdoor community space includes three pools and a private lagoon.
As part of the larger Saltleaf on Estero Bay community, residents of Estero Bay South Tower will be near a 72-slip marina exclusive to the boat owners on the property, as well as the Saltleaf Golf Preserve, an 18-hole course that opened in Nov. 2023.
In prepared remarks, Stephen Wilson, executive vice president and CFO of London Bay, described Saltleaf on Estero Bay as “a coastal village,” and thanked the JLL Team for securing construction financing for the first tower.
Brian Pascus can be reached at bpascus@commercialobserver.com
