Transformative 330-unit waterfront development is largest in Town of Lake Park’s history
LAKE PARK/MIAMI, FL (July 5, 2022)- Concord Summit Capital, LLC (“Concord Summit”) arranged a $269 million construction loan for Nautilus 220, a 330-unit luxury condominium project that is the first of its kind in Palm Beach County’s Town of Lake Park. The borrower, Forest Development, is developing 24-story twin condo towers on the water with a restaurant from renowned chef David Burke and many amenities in the once-overlooked town just across the Intracoastal Waterway from Singer Island.
Fortress Investment Group provided the loan to the Peter Baytarian-led Forest, which recently brought on Daniel Kodsi of Royal Palm Companies as a co-general partner in Nautilus 220. Construction is underway, with an estimated completion in the second quarter of 2024. The project’s floating sales center is located on a barge in the Lake Park marina.
Nautilus 220 is already 60% pre-sold. Prices range from the $800,000s to more than $3 million.
Concord Summit Director Justin Morrow and Managing Director Kevin O’Grady, both of Concord Summit’s Miami office, sourced the financing on behalf of the borrowers.
“This was an exciting transaction to work on, given the unique nature of this project,” Morrow said. “The borrowers are visionary developers who are bringing a resort-style waterfront living experience to Lake Park. Nautilus 220 truly has no counterpart in the market.”
“It has been a pleasure working with Concord Summit Capital over the past two years as they guided us through more than 13 financing opportunities for our Nautilus 220 mixed-use development in Lake Park,” said Baytarian, Managing Partner, Forest Development.” “The team saw the value of this project at the outset, and with their professional and invaluable expertise, as well as relationships in the industry, secured the perfect lender for us and this project.”
Concord Summit has worked with Fortress on numerous transactions over the years.
“We successfully leveraged our strong relationship with the team at Fortress to complete the transaction,” O’Grady said. “It was a pleasure to have the opportunity to work with them again. Nautilus 220 should continue to experience brisk sales activity, as the one-of-a-kind project fills a void for brand-new waterfront condos in northern Palm Beach County.”
Nautilus 220’s residences include a mix of one-to-four-bedroom condos ranging from 1,100 to 3,400 square feet, with a variety of floor plans offering unobstructed water views. Penthouses come with 2,000-square-foot private rooftop terraces, plunge pools, summer kitchens and 12-foot ceilings. The project includes a one-acre outdoor amenity deck and additional amenities including mini-bowling, billiards and card tables, a multipurpose soundproof studio for music and podcasts, golf simulator, theater lounge, club room and more.
The towers are being constructed alongside an active marina with 100 slips accommodating boats up to 100 feet. The development also has easy inlet access for water sport recreation from snorkeling and scuba diving to jet skiing, kayaking and paddle boarding.
Burke, the acclaimed restaurateur, selected Nautilus 220 as the location for his first Florida restaurant. The two-level, 7,500-square-foot waterfront restaurant with indoor and outdoor seating will feature modern American cuisine.
Kast Construction is the project’s general contractor. Interiors by Steven G. is the project’s interior designer.
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