Merrimac Snags $62.5M Construction Loan for Ocala Apartments

Merrimac Ventures, in partnership with Southern Waters Capital, has secured $62.5 million in construction financing from ACORE CAPITAL to fund the development of Leena Ocala, a 360-unit multifamily community in Ocala, Florida. Located on a 36-acre site at SW 60th Avenue and SW 52nd Street, the project will include 300 garden-style apartments spread across multiple three-story buildings, along with 60 two-story townhome residences. Leena Ocala’s first units are slated to begin delivering in late 2027, with the project’s full completion expected in 2028. 

Leena Ocala will feature a mix of one-, two-, and three-bedroom apartments ranging from approximately 773 to 1,191 square feet, along with two- and three-bedroom two-story townhomes spanning 1,299 to 1,841 square feet. 

Amenities include private balconies, multiple walking trails, neighborhood parks, landscaped open areas, a dedicated dog park, and pickleball courts. A central clubhouse will anchor Leena Ocala’s amenity offering, featuring a fitness center and pool, along with a pet grooming station.