Ronto Group and Wheelock Street Capital have secured $234 million in construction financing for the Rosewood Residences Naples, a 42-unit luxury condominium complex in Naples, Florida.
The new development will be built under the Rosewood Hotels & Resorts brand in partnership with the brand.
See also: PGIM Real Estate provides $64 million loan for acquisition of New Jersey industrial park
An affiliate of Apollo Global Management (APO) provided the construction loan, and the JLL capital markets team of Steven Klein, Brian Gasworth and Shane Ciacchi advised the sponsors on the transaction.
Last year, CO reported that the same JLL capital markets team secured $173.5 million from Bank OZK (OZK) for a sponsor group building Rosewood Residences Lidquay, a 65-unit luxury beachfront condominium complex near Sarasota, Florida.
“We are honored to partner again with Ronto Group and Wheelock Street Capital on our second Rosewood Residences project on Florida’s west coast,” Klein said in a statement. “They continue to raise the bar with another incredible ultra-luxury beachfront community that will redefine the Naples condo market.”
Located on five acres at 1601 Gulf Shore Boulevard just north of Naples Beach’s public park, Laudermilk Park, Rosewood Residences Naples will feature two ultra-luxury buildings facing the Gulf of Mexico.
The project began moving in the fall of 2021, when sponsors began purchasing property and buying out existing apartment owners. One of the transactions in the quarter was the $167 million purchase and demolition of Mansion House, a low-rise apartment community that opened in 1963, according to Gulf Shore Business.
According to Wheelock Street Capital, the sponsors have secured acquisition funding for the Mansion House deal from Bank OZK.
The new Naples development is expected to be completed in the third quarter of 2026 and will feature 42 three- to four-bedroom homes averaging 5,175 square feet. Amenities will include sun decks, a resort-style pool, multiple lap pools, multiple spas, a game room and private beach access.
Under the Rosewood Hotels & Resorts brand, which operates 34 luxury hotels in 21 countries, according to JLL, Rosewood Residences Naples will be Naples Beach’s only residential-only, ultra-luxury branded condominium development.
Ronto Group and Wheelock Street Capital did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
