$173.5M in financing secured for Rosewood-branded oceanfront condominium development in Sarasota, Florida
JLL Capital Markets arranged the construction financing for the 65-unit Rosewood Residences Lido Key in Sarasota, Florida, which will be the first exclusively residential Rosewood-branded property in Florida
MIAMI, Nov. 20, 2023 – JLL Capital Markets announced today that it has arranged $173.5 million in construction financing for Rosewood Residences Lido Key, a 65-unit, ultra-luxury, oceanfront condominium development situated on the Gulf of Mexico beachfront of the exclusive Lido Key Beach in Sarasota, Florida.
JLL represented the borrower, The Ronto Group and Wheelock Street Capital, to secure the loan through Bank OZK.
With an anticipated completion of Q4 2025, the property will be the first exclusively residential Rosewood branded residences in Florida and will feature luxurious three- and four-bedroom residences, ranging from 3,300 square feet to 5,000 square feet, with a selection of the highest quality designer- and custom-finishes. Each unit is serviced by private elevators and is designed with oversized living rooms, 11-foot ceilings, gourmet kitchens, spacious baths, terraces and private garages. Community amenities will include a fully staffed residents-only beach club with a pool pavilion bar and zero-edge swimming pool; a residents-only bistro cafe, full bar, full dining service and separate main dining area accessible to a third-level pool deck with a second zero-edge swimming pool and spa; a world-class fitness center; a staffed owner’s lounge; a game room lounge; a children’s playroom; a bocce lawn; a 12-seat movie theatre; and an expansive pet park with pet care options.
Residents also have access to the highly exclusive Rosewood Reserve program, which offers unparalleled VIP access, services and advantages at Rosewood properties around the world, as well as other Rosewood-exclusive amenities.
The property is situated at 930 Benjamin Franklin Dr., directly on Lido Key Beach, and is steps to the historic St. Armands Circle, a shopping district with 138 boutiques, specialty shops, galleries, restaurants and a wide range of annual events.
The JLL Capital Markets Debt Advisory team included Senior Managing Director Steven Klein, Managing Director Brian Gaswirth, Associate Paul Adams and Analyst Shane Ciacci.
“The Ronto Group and Wheelock Street Capital continue to redefine the pinnacle of luxury along the west coast of Florida by finding irreplaceable development sites,” said Klein. “It’s incredible to partner with such a luxurious brand and to build Rosewood’s first exclusively residential-branded property.”
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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ronto Group
Since 1967, The Ronto Group has been perfecting their skills in real estate development through the creation of residential and commercial projects worldwide. For over thirty years, Ronto has been developing in the Southwest Florida market, creating communities that celebrate the area's irresistible appeal, from Marco Island to Tampa. The Company has built a solid reputation for imaginative vision, steadfast integrity, and reliable performance.
Headquartered in Naples, Ronto's expertise in condominium and land development has been recognized internationally for communities that are lasting examples of the luxury lifestyle, thoughtful planning, and dedicated craftsmanship. Ronto has also received numerous awards from the Southwest Florida homebuilding industry for superior design and craftsmanship. The Ronto Group's expertise and attention to detail is evident in each of their projects.
About Wheelock Street Capital
Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes and a desire to get back to hands-on investing. Wheelock has assembled a premier investment and asset management team and produced an over 10- year track record of demonstrated and consistent outperformance over industry benchmarks. Since inception, Wheelock has raised eight funds, representing over $5 billion in capital commitments and deployed over $11 billion in total value on behalf of well-known institutional investors. This includes a targeted $1.2 billion and $1 billion of capital that the Firm is currently deploying in its opportunistic/value-add vehicle and open- end long-term value vehicle, respectively.
About Rosewood
Rosewood Hotels & Resorts® manages 31 one-of-a-kind luxury hotels, resorts and residences in 18 countries, with 28 new properties under development. Each Rosewood property embraces the brand’s A Sense of Place® philosophy to reflect the individual location’s history, culture and sensibilities. The Rosewood collection includes some of the world’s most legendary hotels and resorts, including The Carlyle, A Rosewood Hotel in New York, Rosewood Mansion on Turtle Creek in Dallas and Hôtel de Crillon, A Rosewood Hotel in Paris, as well as new classics such as Rosewood Hong Kong. For those who wish to stay a little longer, Rosewood Residences offer a distinct opportunity for ownership or rent in extraordinary destinations within the brand’s wide-ranging portfolio.
About Bank OZK
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations with over 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California and Mississippi and had $32.77 billion in total assets as of September 30, 2023. For more information, visit www.ozk.com.