Merrimac Ventures Secures $62.5M Loan for 360-Unit Ocala Multifamily Project

• Merrimac Ventures and Southern Waters Capital secured a $62.5 million construction loan for Leena Ocala in Florida.
• The 360-unit multifamily development will include apartments, townhomes, and resort-style amenities.
• ACORE CAPITAL provided the financing as Ocala continues experiencing rapid population and job growth.

What the Leena Ocala Project Includes

Merrimac Ventures, alongside Southern Waters Capital, has officially broken ground on Leena Ocala, a new 360-unit multifamily development planned in Southwest Ocala. The joint venture secured $62.5 million in construction financing from ACORE CAPITAL for the project, which will rise on a 36-acre site near Southwest 60th Avenue and Southwest 52nd Street. Leena Ocala will include a mix of traditional apartments and townhomes designed to target the area’s growing population and workforce demand. Plans call for 300 garden-style apartment units spread across multiple three-story buildings, alongside 60 two-story townhome residences. Developers expect initial deliveries in late 2027, with full project completion anticipated in 2028.

What Residents Will Get at the Community

The apartment portion of the project will offer one-bedroom, two-bedroom, and three-bedroom layouts ranging from approximately 773 square feet to nearly 1,200 square feet. Townhomes will range from roughly 1,299 square feet to 1,841 square feet with two-bedroom and three-bedroom floor plans. Interior finishes are expected to include quartz countertops, stainless steel appliances, luxury vinyl flooring, soft-close cabinetry, glass-enclosed showers, in-unit washers and dryers, and private balconies. The development is heavily focused on outdoor amenities and community-oriented design. Plans include walking trails, landscaped open space, pickleball courts, parks, a dog park, resort-style pool, fitness center, clubhouse, and pet grooming facilities.

What the Project Signals for Florida Multifamily Development

The groundbreaking reflects continued investor and lender confidence in Florida multifamily development, particularly in emerging growth markets outside Miami and Tampa. Ocala has become one of the fastest-growing metropolitan areas in the country as migration trends continue pushing residents toward more affordable Florida markets with strong employment growth. The project also benefits from proximity to major employment drivers, including the World Equestrian Center, healthcare campuses, logistics facilities, and industrial employers like Amazon, FedEx, and Chewy. According to recent Census Bureau estimates, the Ocala metro area posted the fastest percentage population growth among U.S. metro areas between 2024 and 2025. For Merrimac Ventures, Leena Ocala expands the company’s rapidly growing multifamily portfolio as developers continue targeting secondary Florida markets with long-term housing demand and lower development costs compared to larger coastal cities.