Forman Capital Provides $39M Construction Loan on North Florida Condo
The 97-unit luxury complex will supplement a larger 1,400-unit development in Miramar Beach
Alabama-based developer Osborne Investments has secured a $38.5 million construction loan for a 97-unit luxury construction condo near the Destin Beach area of Florida’s northern panhandle, Commercial Observer has learned.
Forman Capital provided the financing, which closed Nov. 3. The deal was originated by Forman Capital principal Ben Jacobson and Chief Investment Officer Scott Mehlman, and marked the first transaction between Forman and Osborne Investments, and its development subsidiary Seascape North Village 2019.
“The luxurious nature of the condo project and its location within a vibrant, bustling resort destination appealed to us,” said Jacobson. “We are targeting similar opportunities in secondary and tertiary markets across the Sun Belt.”
Located at 556 Seascape Drive in Miramar Beach, Fla., the Grove at Seascape Resort will be built over a vacant 11-acre site within a larger 330-acre apartment community. Comprising three buildings and totaling 97 units, the Grove at Seascape includes one-, two, three- and four-bedroom condo apartments, and features private cabanas, private pools, an outdoor gym, a playground, and fire pits for residents.
The units are nearly 90 percent presold.
Based in Birmingham, Ala., Osborne Investments is an experienced developer in the Miramar Beach area, as it has owned the larger Seascape Resort complex — totaling more than 1,400 units — for 40 years. The complex includes a water park, a private beach, a concert venue, eight swimming pools, tennis courts and a boat yard. The complex is just nine miles from Destin Beach, a popular vacation destination.
“The Grove at Seascape Resort is a highly anticipated luxury condo project, as evidenced by the significant presale activity,” said Mehlman in a statement. “Tourists from other parts of the country and world who spend time in Miramar Beach often end up becoming seasonal residents. This development accommodates the pent-up demand from those individuals and families.”
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