Forman Capital Provides $113.6 Million Construction Loan for Downtown Naples Condominium Project
15-story Aura at Metropolitan to include 6,341 square feet of ground-floor retail and restaurant space
NAPLES and PALM BEACH, FL, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Forman Capital, a leading private direct real estate lender, provided a $113.6 million construction loan for a luxury condominium project in Naples, Florida. The financing exemplifies Forman Capital’s ability to creatively structure complex transactions.
Development Partners International, LLC, led by Fred Pezeshkan and Jerry Starkey, are developing Aura at Metropolitan, a 15-story tower that will rise on a .7-acre parcel just off the renowned 5th Avenue downtown. Construction is expected to start immediately and should be completed in Q4 2026.
Forman Capital’s Ben Jacobson, Scott Mehlman, Ty Regnier and Cameron Fleury represented the lender. The borrower is Aura at Metropolitan Naples, LLC.
Aura will feature 56 well-appointed residences with between two and four bedrooms, many of which will have a den.
Amenities include an infinity pool with picturesque downtown and Naples Bay views, a state-of-the-art fitness center and yoga studio, and sky lounge with a bar, all on the rooftop level. Other amenities in the building include resident lounges, a business center and conference room, outdoor kitchen and grilling area, seating area with fire pits and a golf putting green.
Located at 1925 Metropolitan Boulevard, the mixed-use tower will also include 6,341 square feet of ground-floor retail and restaurant space.
“We are pleased to work with two of the most accomplished and respected residential developers in Naples on their latest project,” said Forman Capital Partner Brett D. Forman. “Aura is in a prime location on 5th Avenue with close proximity to the high-end boutiques and restaurants in the downtown district. It is a very unique residential building for this part of the city.”
"Naples is emerging as a premier destination for luxury condominium developments with units commanding premium pricing," said Scott Mehlman, Forman Capital Partner and Chief Investment Officer. "Aura has few competitors in the market when it comes to location and pricing which is why we think Aura will be a great success.”
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. The firm focuses on short-term construction financing, mezzanine debt, and preferred equity across various real estate asset classes and geographies. Company principals Brett Forman and Ben Jacobson have closed more than $2.9 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com.
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