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| Scott Mehlman |
The borrower, Dan Kodsi’s Royal Palm Companies (RPC), plans to develop a condo-hotel project on the properties.
The transaction closed
on Aug. 16. Chief Investment Officer/Partner Scott Mehlman and Vice
President Ty Regnier closed the financing on behalf of Forman Capital.
 |
| Ty Regnier |
“Given Miami’s continued population growth and year-round tourism, this branded condo-hotel development should be extremely successful. We are particularly bullish on the product type and Miami’s urban core overall.”
The site, which consists of two contiguous parcels totaling 0.49 acres just north of downtown Miami, is entitled for the development of up to 245 residential units. RPC is working with the City of Miami to increase the site’s density to accommodate up to 360 units.
RPC was founded by Kodsi
in 1978 and has delivered over 9,500 units with $4.7 billion in real estate
investments. The project site, located at 1317-1353 N. Miami Ave., is
less than a mile from the I-95/I-395 interchange and near museums, parks,
shopping, dining, Kaseya Center - the Miami Heat’s home arena, PortMiami and
much more.
Two existing commercial
buildings operated by two restaurant supply tenants are currently located on
the overall project site.
“This is one of the more
attractive undeveloped sites in the Greater Downtown Miami market,” Forman
Capital Partner Ben Jacobson said. “The combination of the site’s
appeal, the developer’s track record and pent-up demand for additional high-end
condo-hotel inventory bodes well for the project’s sales activity.”
About Forman Capital:
Palm Beach-based Forman
Capital is a provider of private commercial real estate debt and equity
financing for transactions ranging from $5 million to $100 million. Company principals Brett Forman and Ben Jacobson have closed more than $2.8
billion in commercial real estate transactions since 2004. For more
information, visit
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