Roers Companies landed $91.4 million in construction financing to build a pair of Naples multifamily projects.
Los Angeles-based Kayne Anderson provided a senior mortgage of $78.5 million, and Greenwich, Connecticut-based SteepRock Capital provided a $12.5 million mezzanine loan for Roers’ two planned developments, a press release states. Gary Sefcik with Marcus & Millichap secured the financing.
Roers is led by co-founders Brian and Kent Roers.
One of the projects is Vintana at Vanderbilt, a planned 150-unit apartment community with a mix of workforce housing and market-rate units at 3375 Vanderbilt Beach Road that will be adjacent to the Ritz-Carlton golf course. The other development is The Karlyn, a 159-unit complex for tenants who are 55 and older at 7576 Immokalee Road.
In October, the Collier County Commission voted 4-1 to rezone the 5.9-acre site where Vintana at Vanderbilt is planned. It was rezoned from agricultural land to multifamily use, and the maximum number of units was increased from 59 to 150, published reports state. In February, Roers paid $7.6 million for the property.
Also last year, Roers paid $5.3 million for The Karlyn 9-acre site, records show. In 2017, the Collier County Commission approved a new zoning district that includes the property, allowing for the construction of 63 townhomes or 200 senior housing units. Prior to Roers’ purchase, Atlanta-based PulteGroup was under contract to buy the site with the intention of building a townhome project. But the developer abandoned its plan, published reports state.
Naples is among the hottest residential submarkets in Florida. In April, a mystery buyer dropped $225 million for the billionaire DeGroote family’s beachfront estate in Naples. It’s the second-priciest home sale in the U.S., after billionaire hedge fund manager Ken Griffin’s $238 million purchase of a penthouse in New York City in 2019.
Other major developers are also targeting the waterfront town in southwest Florida. Recently, Aventura-based BH Group and Delray Beach-based Kolter Group completed a $100 million buyout of all 36 units at the Bahama Club condominium. The joint venture is planning to redevelop Bahama Club into Olana Naples Residences, a 12-unit boutique condominium featuring 10,000-plus-square-foot units starting at $30 million.
