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.
Per the Real Deal's reporting, the building will rise to a slated 2028 completion and include six-bedroom estate residences on floors three through six, each with east and west terraces, plus two penthouses. The second-floor North and South Beachfront Villas each span more than 11,500 square feet with 80 linear feet of beachfront frontage, 2,000-square-foot private terraces, and individual elevated swimming pools, priced between $35 million and $37 million, according to Olana Naples' own project materials.
Full-Floor Living With Private Spas
Each of the 12 full-floor residences includes a presentation kitchen alongside a separate chef's kitchen, a soundproof theater, a climate-controlled wine room, and an in-home wellness suite with a steam room, dry sauna, cold plunge, and therapeutic tub, per Olana's project details. Building-wide amenities include a wellness center with a hydrotherapy suite, a fitness center, a club room, a theater room, a wine bar, and an elevator, according to the Real Deal report.
New York-based Champalimaud Design, whose portfolio includes interiors for The Carlyle and The Peninsula in New York, is handling interiors, while SB Architects serves as architect of record alongside design architect Randall Stofft Architects, according to Haute Living. Landscape architecture was designed by Enea Landscape Architecture, and Premier Sotheby's International Realty is handling sales, per the Real Deal's account. Kolter Urban and BH Group have opened a dedicated sales gallery at 294 14th Avenue South in Old Naples featuring a Champalimaud-designed display kitchen, a scale building model, and 360-degree virtual tours, according to Kolter Group.
Naples Ranks Among the Priciest Luxury Markets
The financing arrives as Naples' luxury market keeps climbing. The city ranks as the fourth most expensive luxury market in the United States, according to Realtor.com data cited in the Real Deal's report, and the median price of an entry-level luxury home there reached $3.7 million in May 2026, an 88 percent jump from pre-pandemic levels. Naples condo sales rose 22 percent year over year in the second quarter while single-family-home sales climbed 11.5 percent, according to Alfred Robbins Realty Group figures cited in the same report — even as condo listings declined compared with the same period last year.
Brian Van Slyke called Naples “one of Florida's most desirable coastal communities” and said the financing reflects the strength of the ultra-luxury residential market there, per the Real Deal's reporting. Kolter Urban has been active elsewhere on Florida's coasts too, having closed $425.3 million in condo deals at Selene Oceanfront Residences in Fort Lauderdale and secured $91.7 million in financing for a Live Local Act rental project in Delray Beach, according to the outlet. BH Group, meanwhile, has a pending redevelopment of the Hollywood Beach Resort with Related Group and plans with Terra to develop condo towers on Jeff Greene's West Palm Beach land, the Real Deal reported.
Olana Naples is expected to break ground later this year. Hoodline has previously reported on other Kolter Urban and BH Group projects, including Kolter's Tampa condo tower topping out and its Atlanta project near Piedmont Park.
