MIAMI, Nov. 17, 2021 -JLL Capital Markets announced today that it has arranged the multi-million dollar sale and financing of Naples Mansion House, a 5.25-acre, trophy, beachfront condominium development site in the southwestern Florida community of Naples.
JLL marketed the property on behalf of the seller, Mansion House Co-op and the ground lessor. The Ronto Group and Wheelock Street Capital acquired the asset through a joint venture. Additionally, JLL represented the partnership in arranging acquisition financing through Bank OZK.
Beachfront condominium development in Naples is incredibly limited due to the scarcity of sites directly on the sand. Naples has seen no new beachfront condominium projects delivered since 2009 and, before that, in 2003. Located at 1601 Gulf Shore Blvd. North in the Old Naples neighborhood, Mansion House is zoned for a condominium development with 482 linear feet of beach frontage in Naples; however, The Ronto Group and Wheelock Street Capital envision a project with less density and larger unit sizes to appeal to the ultra-luxury condominium market.
Situated along the Gulf of Mexico in Southwest Florida, Naples is a tourist enclave and a luxury second-home destination adorned with multiple accolades. The city has recently been ranked No. 1 by the National Golf Foundation for having the most golf holes per capita, as well as No. 2 by Kiplinger for the highest concentration of millionaires per capita at 9.6 percent. Widely regarded as one of the most desirable resort and retirement communities in the United States, Naples is located 35 miles south of Fort Myers and less than a two-hours' drive from the Miami-Fort Lauderdale area.
"While our partnership with Wheelock Street Capital has brought us many phenomenal projects, Mansion House certainly stands out," said Anthony Solomon, owner of The Ronto Group. "We are thrilled to have the opportunity to create a pinnacle of luxury living, with 482 feet of beachfront at one of Naples' most coveted addresses."
"This is such an enviable location, protected by Lowdermilk Park in arguably the best area of Naples," added Hunter Jones, Principal from Wheelock Street Capital. "We look forward to bringing this beachfront address to market with a product that will be as unmatched as its views."
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Executive Managing Director Manny De Zarraga, Senior Managing Director Chris Drew, Managing Director Maurice Habif, Director Simon Banke and Associate Jo Rousseau.
The JLL Capital Markets Debt Advisory team representing the new owner included Senior Managing Directors Steve Klein and Chris Drew, Managing Director Brian Gaswirth and Associate Reid Carleton.
"The Ronto Group and Wheelock Street Capital are one the preeminent and most active condo developers in the Naples market and have positioned themselves to change the Naples shoreline for decades to come," Klein said. "Mansion House is going be an ultra-luxury condominium project which will be uniquely positioned as the place to live in Naples."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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