BH, Kolter Pay $102M for Naples Beachfront

BH Group and the Kolter Group closed the $102.6 million sale of a beachfront condominium development site located in Naples, Florida. The property is 2.5 acres with 220 linear feet of beach frontage in the heart of Naples. It is one of the only remaining beachfront development sites in the state of Florida. It is zoned to allow up to 45 condominium units.

Centennial Bank facilitated the purchase with a $56.4 million loan to the joint venture. Located at 1121 Gulf Shore Boulevard North, the site is within the beach and Naples Beach Club, Hotel and Residences project under the Four Seasons brand.

JLL worked on behalf of the seller, Bahama Club Co-Op, and a partnership between Kolter Group and BH Group acquired the asset. The Bahama Club, a mid-rise condominium complex built in 1958, contained 36 units. After Hurricane Ian damaged it, the owners of the 36 units in the four-story development agreed to pursue a sale.