Borrower to build 251 units between I-95 and Downtown

Hollywood/Palm Beach, FL (Feb. 10, 2025)—Forman Capital, a leading private direct real estate lender, provided a $53.69 million loan to finance a new mid-rise apartment community in Hollywood, Florida. The borrower, Coral Gables-based Calta Group, is planning to build 251 units over two phases starting later this year. The loan helps pay for development-related costs and construction.

Scott Mehlman and Ty Regnier represented Forman Capital in the transaction.  

The project, Caltopia, boasts a mix of studios and one—and two-bedroom units thoughtfully laid out across two four-story buildings. 

Located at 2217-2239 Jackson St., Caltopia’s first phase (Caltopia II) includes 100 units with an average size of 751 square feet. Average rents are expected to be approximately $2,465 per month. Caltopia’s second phase, (Caltopia I) located at 2718-2750 Van Buren St., comprises 151 units with an average size of 740 square feet and an expected average rent of $2,590 per month. Both sites are a few blocks west of Downtown Hollywood and about a mile east of I-95.

Phase one construction is expected to start during the fourth quarter of 2025 and take about 18 months to complete.  

Community amenities include a pool, BBQ area, fitness center and yoga room, dog spa, lounge and kitchen area, EV chargers, co-working space, and 24-hour package storage and pickup.

“Hollywood is experiencing a building boom, with several new residential and mixed-use projects taking shape right now,” said Brett Forman, Forman Capital’s Managing Partner. “Caltopia will be a nice addition by providing quality housing with first-class amenities yet reasonably priced rents within reach of many working families. Residents will have easy access to I-95, downtown’s restaurants and nightlife, schools, and local parks.”

“The cost to rent a nice apartment in the core downtown areas of Miami and Fort Lauderdale is still prohibitive for many people, even as rental rates have slowed a bit,” said Scott Mehlman, Forman Capital Partner/Chief Investment Officer.  “They can get better value for new construction in the suburbs and still have access to great public amenities.”

“This is our first transaction with Calta Group, which has an unparalleled track record of developing and building luxury real estate throughout South Florida, including another rental project currently under construction in Hollywood,” said Ben Jacobson, Forman Capital Principal. “Calta’s team was a pleasure to work with, and I look forward to more deals in the future.”

Caltopia represents Forman Capital’s first closing in 2025.  Last year,  the boutique private lender closed over $358 million in commercial real estate loans throughout the Southeast US.

Borrower to build 251 units between I-95 and Downtown

Hollywood/Palm Beach, FL (Feb. 10, 2025)—Forman Capital, a leading private direct real estate lender, provided a $53.69 million loan to finance a new mid-rise apartment community in Hollywood, Florida. The borrower, Coral Gables-based Calta Group, is planning to build 251 units over two phases starting later this year. The loan helps pay for development-related costs and construction.

Scott Mehlman and Ty Regnier represented Forman Capital in the transaction.  

The project, Caltopia, boasts a mix of studios and one—and two-bedroom units thoughtfully laid out across two four-story buildings. 

Located at 2217-2239 Jackson St., Caltopia’s first phase (Caltopia II) includes 100 units with an average size of 751 square feet. Average rents are expected to be approximately $2,465 per month. Caltopia’s second phase, (Caltopia I) located at 2718-2750 Van Buren St., comprises 151 units with an average size of 740 square feet and an expected average rent of $2,590 per month. Both sites are a few blocks west of Downtown Hollywood and about a mile east of I-95.

Phase one construction is expected to start during the fourth quarter of 2025 and take about 18 months to complete.  

Community amenities include a pool, BBQ area, fitness center and yoga room, dog spa, lounge and kitchen area, EV chargers, co-working space, and 24-hour package storage and pickup.

“Hollywood is experiencing a building boom, with several new residential and mixed-use projects taking shape right now,” said Brett Forman, Forman Capital’s Managing Partner. “Caltopia will be a nice addition by providing quality housing with first-class amenities yet reasonably priced rents within reach of many working families. Residents will have easy access to I-95, downtown’s restaurants and nightlife, schools, and local parks.”

“The cost to rent a nice apartment in the core downtown areas of Miami and Fort Lauderdale is still prohibitive for many people, even as rental rates have slowed a bit,” said Scott Mehlman, Forman Capital Partner/Chief Investment Officer.  “They can get better value for new construction in the suburbs and still have access to great public amenities.”

“This is our first transaction with Calta Group, which has an unparalleled track record of developing and building luxury real estate throughout South Florida, including another rental project currently under construction in Hollywood,” said Ben Jacobson, Forman Capital Principal. “Calta’s team was a pleasure to work with, and I look forward to more deals in the future.”

Caltopia represents Forman Capital’s first closing in 2025.  Last year,  the boutique private lender closed over $358 million in commercial real estate loans throughout the Southeast US.

Borrower to build 251 units between I-95 and Downtown

Hollywood/Palm Beach, FL (Feb. 10, 2025)—Forman Capital, a leading private direct real estate lender, provided a $53.69 million loan to finance a new mid-rise apartment community in Hollywood, Florida. The borrower, Coral Gables-based Calta Group, is planning to build 251 units over two phases starting later this year. The loan helps pay for development-related costs and construction.

Scott Mehlman and Ty Regnier represented Forman Capital in the transaction.  

The project, Caltopia, boasts a mix of studios and one—and two-bedroom units thoughtfully laid out across two four-story buildings. 

Located at 2217-2239 Jackson St., Caltopia’s first phase (Caltopia II) includes 100 units with an average size of 751 square feet. Average rents are expected to be approximately $2,465 per month. Caltopia’s second phase, (Caltopia I) located at 2718-2750 Van Buren St., comprises 151 units with an average size of 740 square feet and an expected average rent of $2,590 per month. Both sites are a few blocks west of Downtown Hollywood and about a mile east of I-95.

Phase one construction is expected to start during the fourth quarter of 2025 and take about 18 months to complete.  

Community amenities include a pool, BBQ area, fitness center and yoga room, dog spa, lounge and kitchen area, EV chargers, co-working space, and 24-hour package storage and pickup.

“Hollywood is experiencing a building boom, with several new residential and mixed-use projects taking shape right now,” said Brett Forman, Forman Capital’s Managing Partner. “Caltopia will be a nice addition by providing quality housing with first-class amenities yet reasonably priced rents within reach of many working families. Residents will have easy access to I-95, downtown’s restaurants and nightlife, schools, and local parks.”

“The cost to rent a nice apartment in the core downtown areas of Miami and Fort Lauderdale is still prohibitive for many people, even as rental rates have slowed a bit,” said Scott Mehlman, Forman Capital Partner/Chief Investment Officer.  “They can get better value for new construction in the suburbs and still have access to great public amenities.”

“This is our first transaction with Calta Group, which has an unparalleled track record of developing and building luxury real estate throughout South Florida, including another rental project currently under construction in Hollywood,” said Ben Jacobson, Forman Capital Principal. “Calta’s team was a pleasure to work with, and I look forward to more deals in the future.”

Caltopia represents Forman Capital’s first closing in 2025.  Last year,  the boutique private lender closed over $358 million in commercial real estate loans throughout the Southeast US.

15-story Aura at Metropolitan to include 6,341 square feet of ground-floor retail and restaurant space

NAPLES and PALM BEACH, FL – (Nov. 13, 2024) – Forman Capital, a leading private direct real estate lender, provided a $113.6 million construction loan for a luxury condominium project in Naples, Florida.  The financing exemplifies Forman Capital’s ability to creatively structure complex transactions as if it has been in planning for several months.

Development Partners International, LLC, led by Fred Pezeshkan and Jerry Starkey, are developing Aura at Metropolitan, a 15-story tower that will rise on a .7-acre parcel just off the renowned 5^th Avenue downtown. Construction is expected to start immediately and should be completed in Q4 2026.

Forman Capital’s Ben Jacobson, Scott Mehlman, Ty Regnier and Cameron Fleury represented the lender.  The borrower was Aura at Metropolitan Naples, LLC. 

Aura will feature 56 well-appointed residences with between two and four bedrooms, many of which will have a den. 

Amenities include an infinity pool with picturesque downtown and Naples Bay views, a state-of-the-art fitness center and yoga studio, and sky lounge with a bar, all on the rooftop level. Other amenities in the building include resident lounges, a business center and conference room, outdoor kitchen and grilling area, seating area with fire pits and a golf putting green.

Located at 1925 Metropolitan Boulevard, the mixed-use tower will also include 6,341 square feet of ground-floor retail and restaurant space.

“We are pleased to work with two of the most accomplished and respected residential developers in Naples on their latest project,” said Forman Capital Partner Brett D. Forman. “Aura is in a prime location on 5^th Avenue with close proximity to the high-end boutiques and restaurants in the downtown district. It is a very unique residential building for this part of the city.”

"Naples is emerging as a premier destination for luxury condominium developments with units commanding premium pricing," said Scott Mehlman, Forman Capital Partner and Chief Investment Officer. "Aura has few competitors in the market when it comes to location and pricing which is why we think the development team is set up for success.”

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About Forman Capital:

Palm Beach-based 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 various real estate asset classes and geographies. Company principals Brett Forman and Ben Jacobson have closed more than $2.9 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com.

With 283 fully furnished units, River District 14 allows for flexible ownership and short-term rentals

MIAMI, FL and PALM BEACH, FL – (Sept. 19, 2024) – Forman Capital, a leading private direct real estate lender, provided a $77,805,708 loan to finance the construction of a short-term rental condominium project in Miami.  Alta Development is developing River District 14 on a 1.3-acre site at 1420 NW 14^th Ave., near the Miami River. Construction is expected to begin before the end of the year.

Forman Capital provided a construction loan to River North Property Owner LLC, an entity tied to Alta’s main principal and founder, Henry Pino.  Principal Ben Jacobson, Chief Investment Officer/Principal Scott Mehlman and Vice President Ty Regnier sourced the loan on behalf of Palm Beach-based Forman Capital.

River District 14 features two 16-story towers with 283 fully furnished units, including studios and one and two-bedroom residences. Prices start around $500,000 and range over $1 million. Owners have the flexibility to lease their units on any home-sharing platform of their choosing or through a rental program. The project is already more than 50% sold.

River District 14 marks the first time Forman Capital has worked with Alta Development.

“Forman Capital is pleased to work with an accomplished developer like Henry Pino and help bring his latest project to life in the Miami River district,” Jacobson said. “We particularly like funding projects in emerging areas that will have a positive impact on the community.”

“The new construction condominium market continues to sizzle, and residences built for short-term rentals have proven to really resonate with buyers,” said Mehlman.  “Based on initial sales at River District 14, I think this will be a major success.”

River District 14 is the second short-term rental project in Miami Forman Capital financed in 2024. In April, it supplied a $54.56 million construction loan for Domus FLATS at Brickell Park, a 12-story condominium hotel that will rise at 1611 SW 2^nd Ave.

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About Forman Capital:

Palm Beach-based 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 various real estate asset classes and geographies. Company principals Brett Forman and Ben Jacobson have closed more than $2.9 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com.

Newer apartment community Envy features 214 units in two separate buildings

POMPANO BEACH/ PALM BEACH, FL – (Aug. 30, 2024) – Forman Capital, a leading private direct real estate lender, provided a $55.22 million bridge loan to Invesca Development and the Gold Coast Florida Regional Center to convert 214 Class A rental units into for-sale condo residences in Pompano Beach – one of South Florida’s fastest-growing cities. Envy, with two 11-story buildings, is located at 450 E. Atlantic Blvd. between Dixie Highway and U.S. 1.  It is part of the Koi master-planned community, with trails, parks and a private 26-slip marina.

Forman Capital’s Ben Jacobson, Scott Mehlman and Ty Regnier originated the loan on behalf of the borrower/sponsor, Envy Development DE, LLC. Jay Miller, Spencer Miller and Noah Rothman of BayBridge Real Estate Capital brokered the financing. The transaction closed on August 29, 2024.

Envy offers studio, 1, 2, and 3-bedroom units ranging from 703 to 1,026 square feet. Each unit is appointed with luxury finishes, stainless steel appliances and a private balcony. The property boasts an array of luxurious amenities including a South Beach-style pool with cabanas, wine lounge, spa, outdoor movie theater, state-of-the-art fitness center, pet spa and marina access.

This condo conversion comes at a time when Pompano Beach is in the middle of a building boom. After the city’s Community Redevelopment Agency invested nearly $50 million into capital projects in the city’s downtown between 2012 and 2022, Pompano Beach has experienced a surge of private development and investment activity.

“Pompano Beach is experiencing a true evolution,” said Forman Capital Principal Ben Jacobson. “It is transforming from a quiet seaside town to an exciting year-round destination with substantial new housing, restaurants and entertainment establishments. We love being associated with projects like Envy, which has added a lot of value to the community.”

Prominent developers are enhancing the city with new luxury residential projects that have iconic brand partners, such as Ritz-Carlton and Waldorf Astoria.

“Since Pompano has already demonstrated it can support for-sale condos, converting a newer rental project like Envy instead of building new makes a lot of sense. I am confident our client will be highly successful with their plans,” said Mehlman, Forman Capital Partner and Chief Investment Officer.

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About Forman Capital:

Palm Beach-based 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 various real estate asset classes and geographies. Company principals Brett Forman and Ben Jacobson have closed more than $2.8 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com.