A 12-unit condominium rising on the former site of the Bahama Club in Naples’ Coquina Sands neighborhood has landed a $197 million construction loan, with individual units starting at $32 million. Developers Kolter Urban and BH Group are behind the project, called Olana Naples Residences, set at 1121 Gulf Shore Boulevard North with 220 linear feet of direct beachfront frontage.
The financing was reported by The Real Deal, which detailed the debt package as coming from Apollo Global Management affiliates alongside BDT & MSD Partners. That works out to roughly $16.4 million in construction debt per unit, according to the outlet’s reporting by Grace McClung. BDT & MSD Partners was formed through the 2023 merger of Byron Trott’s BDT & Co. and Michael Dell’s MSD Partners, and the firm now manages more than $60 billion in assets, according to Bloomberg.
Kolter Urban, the condo development arm of Bobby Julien’s Delray Beach-based Kolter Group, is led by Bob Vail, per the same Real Deal report. The firm’s Southeast portfolio exceeds $6.3 billion, with regional holdings including nearby land at 3300 Gulf Shore Boulevard and The Island at West Bay Club in Estero, according to Business Observer. BH Group, based in Aventura and led by Isaac Toledano, has been expanding aggressively across South Florida — the firm’s $20.8 million purchase of Wellington’s former Polo West golf course for single-family homes was previously covered by Hoodline.
Why Land This Scarce Commands This Much
Land along Gulf Shore Boulevard North is fully built out, meaning any new beachfront condo has to come from redeveloping 1950s- and 1960s-era properties rather than vacant parcels, according to Matt Brown Real Estate. That scarcity underpins the project’s pricing, and Olana sits immediately next to the 125-acre Naples Beach Club redevelopment, a Four Seasons resort project bringing 220 luxury hotel rooms, private residences, and a Tom Fazio-designed golf course to the same stretch of Gulf Shore Boulevard, per the resort’s own announcement…