Forman Capital Supplies $114M Construction Loan for Naples Condos
By Andrew Coen November 13, 2024 12:13 pm
reprints
Development Partners International has nabbed $113.6 million of construction financing to build a condominium tower in Naples, Fla., Commercial Observer has learned.
Forman Capital provided the loan on Aura at Metropolitan, the developer’s planned 15-story condo project in Downtown Naples. Construction is set to commence soon with an estimated completion date in the fourth quarter of 2026.
“Aura is in a prime location on Fifth Avenue with close proximity to the high-end boutiques and restaurants in the downtown district,” Forman Capital partner Brett Forman said in a statement. “It is a very unique residential building for this part of the city.”
Forman Capital’s Ben Jacobson, Scott Mehlman, Ty Regnier and Cameron Fleury led the transaction for the Palm Beach, Fla.-based debt fund.
Located at 1925 Metropolitan Boulevard on a 0.7-acre development site, Aura at Metropolitan will feature 56 condo units ranging in size from two to four bedrooms. Nearly half of the condos have been presold, according to Development Partners.
Community amenities in the condo building will include a pool, fitness center, yoga studio, sky lounge with bar, business center, outdoor kitchen and a golf putting green. The property will also feature 6,341 square feet of ground-floor retail space.
“Naples is emerging as a premier destination for luxury condominium developments with units commanding premium pricing,” Mehlman, a partner and chief investment officer at Forman Capital, said in a statement. “Aura has few competitors in the market when it comes to location and pricing, which is why we think the development team is set up for success.”
Officials at Development Partners International, led by Fred Pezeshkan and Jerry Starkey, did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
