Merrimac Ventures, in partnership with Southern Waters Capital, has secured US$62.5mn in construction financing from ACORE CAPITAL for the development of Leena Ocala, a 360-unit multifamily residential community in Ocala. The project has now officially broken ground on a 36-acre site at SW 60th Avenue and SW 52nd Street in southwest Ocala. This marks another major residential investment in one of the fastest-growing metropolitan areas in the United States.

Leena Ocala, Florida

Leena Ocala will comprise 300 garden-style apartments across multiple three-story buildings, alongside 60 two-story townhomes. The development is targeting first unit deliveries in late 2027, with full project completion expected in 2028. Apartment units will include one-, two-, and three-bedroom layouts ranging from approximately 773 sq ft to 1,191 sq ft, while townhomes will offer two- and three-bedroom options between 1,299 sq ft and 1,841 sq ft.

Addressing Sustained Housing Demand

According to Merrimac Ventures, the scheme has been designed to address sustained housing demand driven by strong population and employment growth in the Ocala-Marion County region.

Dev Motwani, Managing Partner at Merrimac Ventures, said the project is focused on delivering “well-located, thoughtfully designed housing in a market where population and job growth are driving sustained demand.”

Residential interiors will feature luxury vinyl flooring, quartz countertops and vanities, stainless steel appliances, soft-close cabinetry and glass-enclosed showers. The interiors will also have high-efficiency HVAC systems, in-unit washers and dryers, high-speed internet pre-wiring, and private balconies.

Community amenities will emphasize outdoor connectivity and wellness, including walking trails, landscaped open areas, neighborhood parks, pickleball courts, a dog park, and a central clubhouse featuring a fitness center, resort-style swimming pool, and pet grooming facilities.

Strategic Connectivity

Strategically positioned approximately 1.5 miles from Ocala International Airport and close to the US 200/I-75 interchange, Leena Ocala offers direct connectivity to major employment and retail hubs. Nearby demand drivers include the World Equestrian Center, HCA Florida Ocala Hospital, Ocala Health West Marion, and industrial operators such as Amazon, FedEx, Chewy, and AutoZone.

The project further strengthens Merrimac Ventures’ growing national residential pipeline, which now exceeds 2,500 active units in development alongside more than 4,000 units already delivered.

Ocala Metropolitan: No. 1 in Growth for Second Year

Leena Ocala enters the market as institutional capital investment targeting secondary U.S. growth metros with favorable housing structures. Ocala has also emerged as a particularly attractive destination due to strong in-migration from larger Florida cities, relatively affordable living costs, expanding logistics infrastructure, and growing healthcare and equestrian economies.

According to the U.S. Census Bureau, the Ocala metro ranked as the fastest-growing metropolitan area in the United States for the second consecutive year. Ocala posted approximately 3.4% population growth between 2024 and 2025.

The financing by ACORE CAPITAL also signals continued lender appetite for well-sponsored multifamily developments in resilient Sun Belt markets, despite elevated interest rates and tighter construction lending conditions nationally. This appetite is also seen in developments such as Waldorf Astoria Hotel & Residences Miami – the tallest building in the entire Southeast U.S.

Project Cost

The project secured:

• US$62.5 million construction financing
• Lender: ACORE CAPITAL
• Sponsor: Merrimac Ventures
• Capital Partner: Southern Waters Capital

The financing package will fund vertical construction and associated site infrastructure for the 360-unit scheme.

Leena Ocala Project Fact Sheet

Location: SW 60th Avenue & SW 52nd Street in Ocala, Florida

Developer: Merrimac Ventures

Capital Partner: Southern Waters Capital

Lender: ACORE CAPITAL

Project Type: Multifamily residential / townhome community

Site Area: 36 acres

Total Units: 360

Apartments: 300 garden-style units

Townhomes: 60 units

Construction Status: Under construction

First Delivery: Late 2027

Full Completion: 2028

Financing Secured: US$62.5mn

Leena Ocala Development Timeline

May 2026: Construction financing secured and groundbreaking announced

Late 2027: First residential units expected for delivery

2028: Full project completion anticipated

Development Team

Developer: Merrimac Ventures

Managing Partner: Dev Motwani

Capital Partner: Southern Waters Capital

Construction Lender: ACORE CAPITAL

Director at ACORE CAPITAL: Michael Payton

Project Location Authority/Permitting: City of Ocala Development Services

Development Outlook on Leena Ocala at SW 60th Avenue & SW 52nd Street in Ocala, Florida

Leena Ocala speaks of a shift in U.S. multifamily capital deployment toward emerging secondary metros where demographic momentum and affordability trends continue to underpin rental demand.

The development also comes with its set of risks. Potential risks include inflationary pressure on construction materials and labor, interest rate volatility affecting long-term refinancing conditions, and potential supply increases from competing multifamily developments entering the Ocala market before 2028.

However, with financing now secured and construction underway, the project is positioned to capitalize on Ocala’s continued growth trajectory while adding much-needed housing inventory to a tightening regional market.

About Merrimac Ventures

Merrimac Ventures is a Fort Lauderdale-based real estate investment and development firm specializing in transformative resort and mixed-use projects. With a focus on high-impact developments across multifamily, condominium, retail, and hospitality sectors, the firm has expanded from its South Florida roots into a growing national portfolio.

Merrimac Ventures has also completed more than $3 billion in real estate projects to date and manages an active pipeline exceeding $5 billion. Signature developments include Miami Worldcenter, Paramount Fort Lauderdale, the Four Seasons Hotel & Private Residences Fort Lauderdale Beach, The Crosby Miami Worldcenter, 600 Miami Worldcenter, Bungalow East Residences in Fort Lauderdale Beach, the Waldorf Astoria Private Residences in Pompano Beach, and the Four Seasons Hotel & Private Residences in Telluride. Merrimac’s approach centers on creating properties that elevate neighborhoods, build community, and drive long-term urban growth.

About ACORE CAPITAL

ACORE CAPITAL, LP is one of the leading U.S. commercial real estate debt investment managers with approximately $18 billion of assets under management. With offices in New York, Los Angeles, Miami, San Francisco and Dallas, ACORE CAPITAL originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity. ACORE CAPITAL’s success has been fueled by its long-standing industry relationships and access to a consistent pipeline of origination opportunities.