Ronto Group, Wheelock Secure $234M for Florida Condos

The Ronto Group and Wheelock Street Capital have secured $234 million in construction financing backing the development of Rosewood Residences Naples, a 42-unit, ultra-luxury waterfront condominium on the beach in Naples, Fla. Affiliates managed by Apollo provided the funds. The project is slated for completion in the third quarter of 2026.

JLL Capital Markets arranged the financing and represented the borrowers. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Steven Klein, Managing Director Brian Gaswirth, Associate Paul Adams and Analyst Shane Ciacci.

Located at 1601 Gulf Shore Blvd., Rosewood Residences Naples will offer 482 linear feet of beachfront on the Gulf of Mexico. It will be the only exclusively residential, ultra-luxury branded condominium on Naples Beach. Rosewood Residences Naples will be built in partnership as part of the Rosewood Hotels & Resorts brand. The company manages a global collection of 34 luxury hotels, resorts and residences in 21 countries.

Over the past several years, Rosewood has been expanding stand-alone residences around the globe announcing properties in Phuket, Thailand, and in the United States including Rosewood Residences Hillsboro Beach in Hillsboro, Beach, Fla., Rosewood Residences Lido Key in Sarasota, Fla., and Rosewood Residences Beverly Hills in California. The Ronto Group and Wheelock also partnered with Rosewood for the Sarasota project.

The Naples property will have two buildings with three- and four-bedroom residences averaging 5,175 square feet, along with penthouses ranging from 5,170 to 9,601 square feet. The residences will feature oversized living rooms, floor-to-ceiling windows, gourmet kitchens, two terraces with outdoor kitchens and private elevators. Community amenities will include a sun deck with resort-style pool, zero-edge lap pools, multiple spas, game rooms, lounges and gated beach access.

Rosewood Residences Naples is near downtown Naples and several golf courses and beaches.

Florida projects

In June, The Ronto Group completed the 23-story, 73-Unit Altura Bayshore, a luxury condominium tower in Tampa, Fla. The property, which features residences with two- to four-bedroom floorplans, is within walking distance of Hillsborough Bay and about 4 miles southwest of downtown Tampa.

The Ronto Group and Wheelock also teamed up to develop Infinity at the Colony, a 96-unit luxury condo project in Bonita Springs, Fla. In April 2023, a JLL team that included Klein, Gaswirth and Adams secured $122.5 million in construction financing from MSD Partners for the developers. Completion is expected this year.