Dealmaker: Marcus & Millichap Capital Corp. Secures $91M for Florida Multifamily

(The Karlyn. All images courtesy of Marcus & Millichap Capital Corp.)

Marcus & Millichap Capital Corp., Calabasas, Calif., arranged $91.4 million in financing for the construction of two multifamily assets in Naples, Fla.

The subject properties are Vintana at Vanderbilt, a 150-unit apartment property, and The Karlyn, a 159-unit active-adult community for residents 55 and older.

Gary Sefcik from MMCC’s Manhattan office secured the financing. The capital stack includes $78.9 million in senior debt provided by Kayne Anderson, Los Angeles, and $12.5 million in mezzanine financing from SteepRock Capital, Greenwich, Conn. on behalf of sponsor Roers Cos., Plymouth, Minn.

Vintana at Vanderbilt, located at 3375 Vanderbilt Beach Road, is adjacent to the Ritz-Carlton golf course not far from Naples beaches. The Karlyn, at 7576 Immokalee Road, is also near the Gulf Coast shoreline. Both projects are slated for completion in 2027.

“The financing package demonstrates that lenders remain eager to aggressively pursue Florida multifamily projects when strong sponsorship is combined with a compelling submarket story,” Sefcik said. “Ranked as the No. 1 place to live in the United States, Naples has high barriers to entry, stringent zoning regulations and limited availability of multifamily-zoned sites.”