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.
About The 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 30 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. Visit Ronto.com.
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 a 10+ year track record of demonstrated and consistent outperformance over industry benchmarks. Since inception, Wheelock has raised seven funds, representing over $4 billion in capital commitments and deployed over $5 billion in total value on behalf of well-known institutional investors. This includes $950 million 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 JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.