Developer gets $54 million loan for Naples apartments

The developer behind a 216-unit apartment complex in Naples has secured $54.3 million in construction financing and will begin work on the project next month.

The developer, Greystar, obtained the loan through Centennial Bank. This is the first time the two companies have worked together, a spokesperson says.

The apartment complex will be built at 6050 Whitaker Road, just off of Santa Barbara Road and about 3 miles from the Naples Lakes Country Club. The complex, Marlowe Naples, is expected to help meet the growing demand for housing in the area and will have 20% of its units — 43 — set aside for people making 50% to 80% of the area median income.

These set aside units, a spokesperson for the project says, will have the same fixtures and buildouts as the others.

Construction and ground clearing are scheduled to begin June 1, and the first units will be available for rent in August or September of 2024.

Greystar is an international real estate company with 299 projects and developments and $23.5 billion in equity under management in the United States. The company’s corporate headquarters are in Charleston, South Carolina, and it has four offices in Florida, including one in Tampa.

The loan was provided to GS Naples Owner LLC, which Greystar owns.