97-unit project to be developed within 330-acre Seascape Resort in popular beach town
MIRAMAR BEACH, FL/PALM BEACH, FL/ATLANTA, GA – (Nov. 14, 2023) – Forman Capital, a private direct real estate lender based in Palm Beach County, Florida, is financing the construction of a new luxury condominium project in Miramar Beach, Florida – near Destin in the state’s panhandle region. The company provided a $38.5 million construction loan to the developer of the 97-unit Grove at Seascape Resort in the popular beach town.
Osborn Investments plans to develop the Grove on a vacant 11-acre site within the 330-acre Seascape Resort community. The project will include one, two, three and four-bedroom condominium residences ranging from 955 to 2,394 square feet. Amenities include a family pool with a lazy river feature, seven private cabanas and multiple pool pavilions; walking path; terrace seating; fire pit; outdoor workout area; playground; green space and surrounding gate with digital access.
Nearly 90% of the condos are already presold. The Grove at Seascape Resort is the first of a multi-phase high-end condo community and comprises three buildings.
The financing transaction closed on Nov. 3. Forman Capital Principal Ben Jacobson and Chief Investment Officer Scott Mehlman originated the deal, which is the first with this borrower.
“We are thrilled to complete this transaction and look forward to many more with the sponsor,” Jacobson said. “The luxurious nature of the condo project and its location within a vibrant, bustling resort destination appealed to us. We are targeting similar opportunities in secondary and tertiary markets across the Sun Belt.”
The borrower has owned the broader Seascape Resort area since 1983 and steadily developed it into a full-scale resort where residential owners and guests have everything they need on the barrier island. The resort community has 1,402 existing units and a water park, private beach, a full-service and two quick-service restaurants, concert venue, eight swimming pools, boatyard, tennis courts, basketball court and much more.
Miramar Beach is just nine miles east of Destin.
“The Grove at Seascape Resort is a highly anticipated luxury condo project, as evidenced by the significant presale activity,” Mehlman said. “Tourists from other parts of the country and world who spend time in Miramar Beach often end up becoming seasonal residents. This development accommodates the pent-up demand from those individuals and families.”
Forman Capital has completed nearly $120 million in transactions in the past six months, with a robust pipeline of pending deals.
“As traditional lenders remain on the sidelines, Forman Capital is stepping in to fund strong developments in the right markets,” Forman Capital Principal Brett Forman said. “We continue to provide customized debt and preferred equity solutions to strong developers and expect to have an extremely busy 2024 based on the demand we are already seeing from borrowers.”
About Forman Capital:
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 a variety of real estate asset classes and geographies. The principals, Brett Forman and Ben Jacobson, have closed more than $2.6 billion in commercial real estate transactions since 2004.
For more information, visit www.formancap.com.
