Roers Secures $91M for 2 Florida Projects
Both are expected to be completed in 2027.
Roers Cos., a multifamily real estate firm headquartered in Plymouth, Minn., has obtained a three-year construction loan totaling $91.4 million for its next multifamily venture in Naples, Fla. The loan was arranged by Marcus & Millichap Capital Corp.’s Gary Sefcik, with the capital funding Vitana at Vanderbilt, a 150-unit property and The Karlyn, a 159-unit 55-plus community, both on the Gulf Coast.
The financing consists of two loans: Kayne Anderson provided $78.9 million in senior debt financing and the other $12.5 million in mezzanine financing came from SteepRock Capital. These construction loans are bringing both communities one step closer to completion, which is estimated for 2027. Design plans include high-end finishes and resort-like community amenities. Both communities will feature pools, clubrooms, pickleball courts and more, with floorplans including one to three-bedroom apartments.
In early February, Roers also received a $42.9 million bridge loan to refinance Risor of St. Louis Park, a senior community in St. Louis Park, Minn.
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With Vitana at Vanderbilt, located at 3375 Vanderbilt Beach Road, and The Karlyn, at 7576 Immokalee Road, the two future communities are under 5 miles away from each other in a fast-growing South Florida market. The North Collier Regional Park is between the two locations, with shopping, retail and dining options in proximity to both communities as well. Local beaches are within driving distance that future residents can use.
“Vintana at Vanderbilt is adjacent to The Ritz-Carlton Golf Course. The Karlyn is situated on the major east-west thoroughfare, Immokalee Road, which has been highly developed in recent years and offers an abundance of retail, golf courses, restaurants, cultural centers and neighboring residential developments creating a thriving community,” Sefcik told Multi-Housing News.
A growing Florida market
According to Sefick, Naples an appealing market due to its stringent zoning, so developers are eager to take advantage of opportunities. Earlier this year, STOCK Development topped out a nearby Ritz-Carlton Residences, a 128-unit condominium project. Construction has been ongoing since November 2023.
This summer, Cushman & Wakefield helped Distinctive Healthcare secure a refinancing loan for Seascape at Naples, a 196-unit senior housing community in Naples. The loan totaled $40 million. The community offers independent and assisted living as well as memory care. Another senior housing facility, Ekos Cadenza, completed its second phase of construction with McDowell Housing Partners, bringing another 160 residences online.
