Royal Palm Companies Plans 360-unit Branded Condo-Hotel in Miami

Forman Capital, a prominent private real estate lender, has successfully funded an $8.36 million bridge loan for a Miami residential development site. This pre-development loan is secured by the property where Royal Palm Companies (RPC), led by Dan Kodsi, intends to build a condo-hotel.

Key Transaction Details

The financing deal was finalized on August 16, with Chief Investment Officer Scott Mehlman and Vice President Ty Regnier representing Forman Capital. The firm expressed enthusiasm about working with RPC, a partner they have collaborated with for many years. Mehlman highlighted Miami's growing population and thriving tourism industry, emphasizing that these factors make the condo-hotel development highly promising. Forman Capital remains optimistic about the success of the project and the potential of Miami’s urban core.

Prime Development Site in Miami

The development site spans 0.49 acres across two contiguous parcels, located just north of downtown Miami. The property is currently entitled to support up to 245 residential units, but RPC is negotiating with the City of Miami to increase the density to 360 units. The site’s strategic location at 1317-1353 N. Miami Ave., near major highways and attractions such as museums, parks, shopping centers, and the Kaseya Center, makes it a prime spot for new development.

Developer’s Track Record and Market Appeal

RPC, established by Dan Kodsi in 1978, boasts a strong track record, having delivered over 9,500 units and managing $4.7 billion in real estate investments. The current project site includes two commercial buildings leased to restaurant supply businesses. According to Forman Capital Partner Ben Jacobson, the site’s attractiveness, combined with RPC’s successful history and the high demand for luxury condo-hotel units in Miami, positions the project for robust sales activity.