Merrimac Ventures Secures $62.5 Million Construction Loan And Breaks Ground On 360-Unit Leena Ocala In Ocala, Florida

Merrimac Ventures, in partnership with Southern Waters Capital, has secured $62.5 million in construction financing from ACORE CAPITAL and broken ground on Leena Ocala, a 360-unit multifamily development planned for a 36-acre site at SW 60th Avenue and SW 52nd Street in Ocala, Florida. The garden-style apartment and townhome community will include 300 apartments across multiple three-story buildings and 60 two-story townhome residences, with first deliveries expected in late 2027 and full completion anticipated in 2028.

The apartment component will offer one-, two-, and three-bedroom layouts ranging from approximately 773 to 1,191 square feet. The townhomes will include two- and three-bedroom floor plans spanning 1,299 to 1,841 square feet.

Leena Ocala. Credit: Merrimac Ventures.

Property records in Marion County list the site owner as SUNBELT LAND FUND I-OCALA SOUTH LLC. The entity lists MERRIMAC SWC OCALA, LLC as manager, reflecting the joint venture between Merrimac Ventures and Southern Waters Capital.

“Leena Ocala is about delivering well-located, thoughtfully designed housing in a market where population and job growth are driving sustained demand,” said Dev Motwani, Managing Partner of Merrimac Ventures. “Ocala is evolving into a more dynamic and connected market, and this project is positioned to serve that growth with a product that prioritizes quality, access, and everyday livability.”

“This opportunity stood out due to the strength of the sponsorship team and the durable fundamentals supporting the Ocala multifamily market,” said Michael Payton, Director at ACORE CAPITAL. “Ocala continues to benefit from strong population and job growth, favorable supply-demand dynamics, and increasing institutional interest. Combined with a well-designed project and an experienced sponsor with a proven execution track record, we felt confident providing construction financing for Leena Ocala.”

Residence interiors will include luxury vinyl flooring, quartz countertops and vanities, stainless steel appliances, soft-close cabinetry, glass-door showers, and contemporary lighting. Each unit will also include high-efficiency HVAC systems, pre-wired high-speed internet, full-size in-unit washers and dryers, and private balconies.

The community plan is designed around outdoor space and internal connectivity, with multiple walking trails, neighborhood parks, landscaped open areas, a dedicated dog park, and pickleball courts. A central clubhouse will anchor the amenity program and will include a fitness center, resort-style pool, and pet grooming station.

Located in Southwest Ocala, Leena Ocala is situated approximately 1.5 miles from Ocala International Airport and minutes from the US 200 and I-75 interchange. The site is also within a three-mile radius of retail, shopping, and dining options including Publix, Lowe’s, ALDI, First Watch, Bonefish Grill, Walgreens, and Winn-Dixie.

The development is positioned near several regional employment drivers, including the World Equestrian Center, a 378-acre destination tied to Marion County’s equine economy, along with HCA Florida Ocala Hospital and Ocala Health West Marion. Additional employment demand is supported by nearby industrial facilities operated by FedEx, Amazon, Chewy, and AutoZone.

The Ocala metropolitan area has continued to register elevated population growth. According to the U.S. Census Bureau’s Vintage 2025 population estimates, Ocala ranked first among U.S. metro areas by percentage growth between July 1, 2024 and July 1, 2025, increasing 3.4 percent from 427,995 to 442,660 residents. The metro area has added 66,768 residents since the April 1, 2020 estimates base.

Leena Ocala adds to Merrimac Ventures’ broader development portfolio, which includes more than 4,000 units delivered and 2,500 units in its active pipeline. The firm’s current and recent projects include Bungalow East in Fort Lauderdale Beach, The Crosby Miami Worldcenter and 600 Miami Worldcenter in Downtown Miami, Waldorf Astoria Residences Pompano Beach, Four Seasons Hotel & Private Residences Telluride, and the planned redevelopment of Watson Island on Biscayne Bay.

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