Condominiums: Exploring Apollo's $234 million loan for an Ultra-Luxury Development in Naples

Overview of the $234 Million Financing

The Ronto Group and Wheelock Street Capital secured $234 million in construction financing from Apollo for a high-rise condominium development in Naples. This project, named Rosewood Residences Naples, is located at 1601 Gulf Shore Boulevard and amounts to $5.57 million per unit.

Project Details

• The 42-unit waterfront project includes two buildings.
• Homes will average 5,200 square feet, with penthouses up to 9,600 square feet.
• Each unit will feature an outdoor kitchen and two terraces.
• Amenities will include pools, spas, game rooms, lounges, and gated access to 500 feet of private beachfront.

Expected completion is in the third quarter of 2026. According to a press release, this will be the only exclusively residential, ultra-luxury branded condominium on Naples Beach.

Background of the Development

In 2022, developers acquired the 32-condo complex known as Mansion House for $167 million, translating to approximately $5.2 million per unit. They successfully bought out the owners of the former two-story cooperative built in 1963.

The Ronto Group is concurrently developing the Rosewood Residences at Lido Key, which features 65 condos scheduled for completion next year, with pre-sales ranging from $7.6 million to $15.4 million. While the Naples development leads in ultra-luxury, it signals the onset of more such projects in the pipeline.