Osborn Investments Obtains Loan for Luxury Condo Project
Grove at Seascape Resort will be situated on a vacant site in Miramar Beach, Fla.
Osborn Investments has received $38.5 million in construction financing for the development of Grove at Seascape Resort, a luxury 97-unit condominium project in Miramar Beach, Fla. Forman Capital originated the financing.
Nearly 90 percent of the project’s condominium units are presold. The development is the first of a multi-phase luxury community at the Seascape Resort. The developer has owned the land in this area since 1983.
Grove at Seascape Resort will feature one-, two-, three- and four-bedroom apartments ranging from 955 to 2,394 square feet. Common-area amenities will include a swimming pool with a lazy river feature, multiple pool pavilions, a walking path, seven private cabanas, terrace seating, a fire pit, an outdoor workout area, a playground, green spaces and surrounding gate with digital access.
The 11-acre development site is situated within the 330-acre Seascape Resort community, which comprises 1,402 existing condominium units, a water park, a private beach, multiple restaurants, eight swimming pools, a concert venue, tennis courts and a basketball court.
Forman Capital Principal Ben Jacobson and Chief Investment Officer Scott Mehlman secured the loan, which marks the lender’s first financing deal with Osborn Investments.
Luxury condo projects underway in Miami
There are several high-end condo buildings under development in Miami. Related Group, together with Alta Developers, started construction on Casa Bella Residences by B&B Italia, a 319-unit tower in downtown Miami’s Arts and Cultural District. The high-rise already has more than 80 percent of its units in contract, well ahead of its scheduled delivery in 2025.
In October, Terra broke ground on THE WELL Bay Harbor Islands, a condo and office project that will bring 54 luxury residences to the city’s Bay Harbor Islands. Douglas Elliman Development Marketing is leading the sales efforts for the condos, which were 50 percent sold at the time of the groundbreaking.