Naples apartment owner borrows $72 million

The Richman Group, a Connecticut commercial real estate developer, has secured a $225 million refinancing of three multifamily properties in Florida, including one in Naples.

The portfolio totals 942 luxury units. The loans, the firm says, are “in excess” of the original construction loans for the communities and are being taken out as each is “transitioning from development into long-term stabilized operations.”

The Naples property is the 320-unit Everly at 3250 Magnolia Pond Circle, just off of Collier Boulevard. 

Richman says New York Life Investment Management issued the $72.5 million loan on the Everly. The 10-year loan is at 5.74% with five years of interest only. 

The other two properties in the portfolio are The Marc in Palm Beach Gardens, which got $107 million in financing, and Vista Sur in Miami, which got $45.5 million in financing.

The Everly's units range in size from a one bedroom at 751 square feet to a 1,327-square-foot three bedroom.

Rent starts at $1,730 per month for the smallest unit, according to the community's website. (The cost of the largest isn’t available on the website.)

The Richman Group is a real estate development, investment and property management firm with an apartment portfolio that includes more than 2,070 properties, 166,500 units and $28 billion in total development costs across 49 states.