Everly Naples: $72.5 million loan at 5.74 percent, 320 units

A 320 unit rental community in Naples has been refinanced with a 72.5 million dollar ten year loan from New York Life at 5.74 percent, and the developer says the new debt is larger than the construction loan it replaces

Money & World

The Editorial Team · August 19, 2026

Curved concrete balconies stacked in tiers up the side of a modern residential building, each edged with a blue and white railing, photographed close against a clear blue sky. No people, signage, lettering or landmarks appear. A generic illustration of an apartment building, not a photograph of Everly or of any Naples property.

Stock photo

Stock photo. Not the actual scene. Photo: Jan van der Wolf / Pexels

What it changes

This is the clearest public read in months on what institutional money currently thinks a Naples rental building is worth, and it is worth understanding what a permanent loan actually signals. A construction loan is short, floating and expensive, and it has to be replaced once a building is finished and leased. Replacing it is the moment of truth for any development, because the new lender is underwriting real rent rolls and real operating costs rather than a projection, and the size of the loan it will write is a direct statement about the income the building is producing. On this one the company says the new debt is larger than the construction loan it replaces, and the terms are ten years at 5.74 percent with the first five years interest only. For a Southwest Florida reader that matters in three practical ways. First, a building carrying fixed rate debt for ten years is not a building under refinancing pressure, so the owner has no near term reason to sell or to discount, and renters should not expect distress pricing here. Second, interest only for five years means debt service stays flat and low for that period, which removes the most common reason a new owner raises rents hard in years two and three. Third, and this is the one to watch, the rate itself is the number to compare against the next Naples deal that closes: 5.74 percent on stabilised Collier multifamily is now a public benchmark, and the direction it moves over the next year says more about local rental economics than any single asking rent does. Set it against the pressure everyone in this market can see on the cost side. Property insurance and reinsurance pricing has been the binding constraint on Southwest Florida apartment operations since 2022, and it is an operating expense, which means it comes straight off the income a lender is underwriting. A permanent loan closing at this size is a lender concluding that the income survives that expense line with enough margin to carry the debt. The founder of the developer said in the announcement that capital remains highly selective and that many projects across the industry are facing refinancing challenges, which is the company's own framing and is worth reading as such rather than as neutral market description. What this does not tell you is anything about the rest of the local pipeline. One stabilised community refinancing on good terms is not evidence about the projects still in construction, still leasing up, or still looking for their permanent debt, and those are the ones where a tighter credit market shows up first.

The Richman Group says it has closed approximately 225 million dollars of permanent financing across three Florida rental communities, and the largest Southwest Florida piece of it is a 72.5 million dollar loan on Everly, a 320 unit community in Naples.

According to the company's announcement, the Naples loan was made by New York Life Investment Management at an interest rate of 5.74 percent. The three loans carry a ten year term with a five year interest only period.

The other two are outside this region. The Marc, in Palm Beach Gardens, secured 107 million dollars from the same lender at 5.87 percent. Vista Sur, in South Miami, secured 45.5 million dollars from Reinsurance Group of America at 6.15 percent, on a 226 unit building of eight storeys. Across the three communities the company counts 942 apartments.

The company says each of the three closings is in excess of its original construction loan, and describes all three as having moved into long term stabilised operations.

Richard Richman, the founder of the company, said in the announcement that closing the financing "in just four months is a meaningful accomplishment," and said that capital remains highly selective and underwriting standards significantly tighter. That characterisation of market conditions is the company's own.

No figure in this item comes from anywhere other than the company's own announcement. The recorded mortgage has not been retrieved and is not relied on here, and no appraised value, occupancy figure or rent has been verified by this publication.

The Naples end of this was reported locally by Louis Llovio at the Business Observer on August 18.

A 320 unit rental community in Naples has been refinanced with a 72.5 million dollar ten year loan from New York Life at 5.74 percent, and the developer says the new debt is larger than the construction loan it replaces

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