$215M financing secured for Ritz-Carlton waterfront condominium development in Southwest Florida

MIAMI, Jan. 4, 2024 – JLL Capital Markets announced today that it has arranged $215 million in construction financing for The Ritz-Carlton Residences, Estero Bay South Tower, which is the first of a multi-phase condominium development located in Bonita Springs, Florida. The property will be the first Ritz-Carlton Residences in Southwest Florida, where there is currently significant brand recognition from two Ritz-Carlton Resorts.

JLL represented the borrower, London Bay, to secure the loan through Bank OZK.

Designed by Arquitectonica with interiors by Meyer Davis, the South Tower will rise 22 stories and feature luxurious unit finishes, first class amenities and unmatched resident services consistent with The Ritz-Carlton brand. The property will consist of two-, three- and four-bedroom residences, averaging 3,430 square feet and offering stunning views of Estero Bay and the Gulf of Mexico. The property offers approximately 36,000-square-feet of indoor amenities, including a Wellness Center with fitness, a yoga and Pilates studio, private training rooms and locker rooms with steam and sauna. Adding to the experience, a centrally located, 8,000-square-foot space will present a Sunset Lounge, private dining room, Sports & News Café, Wine & Whiskey Room, card room and demonstration and catering kitchen. Outdoor amenities span five acres of outdoor gardens and amenities, including three pools and a separate lagoon with over-water pavilions.

The Ritz Carlton Residences, Estero Bay is the first residential component to be developed within London Bay’s Saltleaf on Estero Bay (“Saltleaf”), a re-imagined, master-planned residential and golf community connecting over 500 acres in Southwest Florida. In addition to the South Tower’s amenities, residents will benefit from a short walk leading to the 72-slip Saltleaf Marina, which broke ground last spring, and Saltleaf Golf Preserve, a re-imagined 18-hole championship course with a brand new nine-hole short course that opened for play in November 2023.

“As we commence construction of our coastal village of Saltleaf, we thank JLL for their expertise and professionalism and for their role in securing the financing for the first tower, the Ritz-Carlton Residences, Estero Bay” said Stephen Wilson, Executive Vice President and CFO of London Bay.

The JLL Capital Markets Debt Advisory team was led by Managing Director Brian Gaswirth and Associates Jimmy Calvo and Paul Adams.

“London Bay’s design and development execution of the Saltleaf community and The Ritz-Carlton Residences is a testament to their vision and creativity that is setting a new standard for luxury in Southwest Florida” said Gaswirth. “We’re thrilled to have worked alongside such an incredible London Bay team to help them capitalize this exciting project.”

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 sales and 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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