Forman Capital Provides $114M for Florida Condos
Construction is expected to start immediately.
Forman Capital has provided $113.6 million in construction financing for the development of a 15-story luxury condominium building in Naples, Fla.
The borrower is Aura at Metropolitan Naples LLC and the developer in charge is Development Partners International LLC, led by Fred Pezeshkan and Jerry Starkey. Forman Capital was represented in-house.
Construction on Aura at Metropolitan is scheduled to start immediately. The project’s completion is expected in the fourth quarter of 2026.
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Located at 1925 Metropolitan Blvd., Aura at Metropolitan will include 56 condo units, with two to four-bedroom floorplans ranging from 1,890 square feet to 3,900 square feet. Interiors will feature a terrace, an open space area with kitchen, living room, dining room and a cocktail lounge, a laundry area, as well as designer-ready walk-in closets. Sales prices are ranging from $2 million to over $7 million.
Aura at Metropolitan will also feature a penthouse collection, with five models ranging from 3,157 square feet to 6,335 square feet. The penthouses will come in three and four-bedroom floorplans, and will include one or two terrace areas with grill spaces, an outdoor shower, a den, walk-in closets, a pantry and an open-concept area with living room, cocktail bar, dining space and kitchen area.
A high-end development
A variety of amenities at Aura at Metropolitan will be at the rooftop level, including a swimming pool, a sky lounge with a bar, a fitness center and a yoga studio. Residents will also have access to common-area lounges, a business center, a conference room, an outdoor kitchen with grilling areas, seating spaces, fire pits and golf.
Additionally, the property will include 6,341 square feet of ground-floor retail and restaurant space. The condominium development will rise on a 7-acre lot just off Fifth Avenue, providing easy access to Naples Airport while being within 44 miles of Fort Myers, Fla.
Forman Capital’s Partner Ben Jacobson, Vice President Ty Regnier, Partner & Chief Investment Officer Scott Mehlman and Commercial Real Estate Analyst Cameron Fleury negotiated on behalf of the lender.
Another condominium project in the area recently became subject to a significant financing deal. Earlier this month, OceanLand Investments secured $96 million for Sixth & Rio, a development in Fort Lauderdale, Fla. Multiple lenders contributed to the financing, arranged by JLL. The luxury waterfront high-rise will come online in 2026.
In June, Altura Bayshore, a luxury condominium tower in Tampa, Fla., was completed by developer Ronto Group. The company received $72.5 million in construction financing for the 23-story property.
