Unicorp National Developments, Inc. plans 323-unit rental project in booming area
Orlando, FL – July 24, 2025 – Forman Capital closed a $9.7 million preferred equity investment into a brand-new rental apartment development in the Orlando market. Unicorp National Developments, Inc., a repeat borrower that successfully repaid two loans provided by Forman affiliates, plans to develop the 323-unit Elysian project to meet intense demand for new market-rate apartments in the rapidly growing area.
The Elysian site is located at 9743 Avalon Road in Horizon West, a suburb of Orlando that is near most of the area’s major theme parks. Construction of Elysian will commence shortly. The project is slated for completion in the third quarter of 2027.
Brett Forman, Managing Partner; Ben Jacobson, Partner; Scott Mehlman, CIO/Partner, and Vice President Ty Regnier represented Forman in the transaction, which closed on July 22.
“This investment reflects our strong belief in the strength of the Orlando market and track record of this particular developer,” said Forman. “Elysian will bring high-quality rental product in a desirable location to a supply-constrained area. We greatly appreciate the partnership, trust and respect of repeat borrowers like Unicorp.”
The Chuck Whittall-led Unicorp is one of Central Florida’s largest developers.
Forman’s principals have a longstanding relationship with Unicorp, having funded a construction loan for its The Ritz-Carlton Residences, Orlando, Grande Lakes luxury project and SOTA 75 rental development in Sarasota.
“Having previously partnered with Unicorp, we are consistently impressed by their ability to execute on different types of large-scale residential projects in growth markets,” said Ben Jacobson. “Unicorp has a deep understanding of the Central Florida region in particular, and Elysian is an ideal opportunity to expand our relationship with the company.”
“This transaction aligns perfectly with our strategy of backing experienced sponsors in high-growth markets,” said Mehlman. “Horizon West is at the center of that momentum, and we believe Elysian is well-positioned to deliver long-term value.”
Forman Capital typically funds construction and bridge loans between $10 million and $100 million and provides equity financing for select deals. It primarily operates in Florida, and the Southeast and Midwest regions of the U.S.
About Forman Capital:
Delray Beach, Florida-based Forman Capital is a private provider of commercial real estate debt and equity financing for transactions ranging from $10 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 $3 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com.
