$197M construction loan secured for Naples condo

Two Florida developers have secured $197 million in financing for a high-end condominium on the Gulf in Naples. Kolter Urban and BH Group obtained the construction loan to support the development of Olana Naples Residences. Financing came from New York financial services company Apollo Global Management and affiliates of Chicago financial services firm BDT & MSD Partners.

Olana Naples Residences will include 12 estate-style residences, with prices starting at $32 million. Each unit will span about 10,000 square feet and provide 80 feet of uninterrupted beach views. All will have a climate-controlled wine room, soundproofed theater, wet bar, club room and game lounge. The building will offer concierge services as well.

Groundbreaking is expected to occur this fall.

Kolter Urban, based in Palm Beach County, focuses on building luxury condominiums of 50 to 500 residences that are waterfront, have water views or are in downtown walkable locations. The company has $5 billion in real estate projects in process on the Gulf Coast, according to a statement. 

BH Group, headquartered in Miami-Dade County, primarily works on ground-up luxury development projects in South Florida. Its portfolio includes residential, waterfront, mixed-use and hospitality projects.