Apollo Provides $234M Construction Loan for Luxury Rosewood Residences in Florida
The Ronto Group and Wheelock Street Capital began buying out condominium owners along Naples Beach as early as 2021
By Brian Pascus August 26, 2024 1:04 pm
reprints
The Ronto Group and Wheelock Street Capital have secured $234 million in construction financing to build Rosewood Residences Naples, a 42-unit, luxury condo in Naples, Fla.
The new development will be built in partnership with and under the Rosewood Hotels & Resorts brand.
Affiliates of Apollo Global Management (APO) provided the construction loan, while a JLL Capital Markets team of Steven Klein, Brian Gaswirth and Shane Ciacci advised the sponsors on the transaction.
Last year, CO reported the same JLL Capital Markets team secured $173.5 million from Bank OZK (OZK) for the sponsorship group to build Rosewood Residences Lido Key, a 65-unit luxury beachfront condominium in nearby Sarasota, Fla.
“It was a privilege to once again partner with The Ronto Group and Wheelock Street Capital on their second Rosewood Residences project on Florida’s west coast,” said Klein in a statement. “They continue to raise the bar with another incredible ultra-luxury beachfront community that will redefine the Naples condo market.”
Located at 1601 Gulf Shore Boulevard — a 5-acre tract north of the public Lowdermilk Park on Naples Beach — Rosewood Residences Naples is expected to deliver two ultra-luxury buildings facing the Gulf of Mexico.
The wheels for the project started spinning in fall 2021, when the sponsors began purchasing property and buying out owners of existing condominiums. One transaction that quarter involved a $167 million purchase and demolition of Mansion House, a low-rise condominium community that opened in 1963, according to Gulf Shore Business.
The sponsors secured the acquisition financing in the Mansion House deal from Bank OZK, according to Wheelock Street Capital.
The new development in Naples is expected to be delivered in the third quarter of 2026 and feature 42 units of three- and four-bedroom residences that average 5,175 square feet. Amenities are expected to include a sun deck, a resort-style pool and multiple lap pools, several spas, a game room, and private beach access.
Under the Rosewood Hotel & Resorts brand, which manages 34 luxury hotels across 21 countries, Rosewood Residences Naples will be the only exclusively residential, ultra-luxury branded condominium on Naples Beach, according to JLL.
The Ronto Group and Wheelock Street Capital did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
