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Brett Forman Of Forman Capital Provides $113.6 Million Loan For Development Site In Naples

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FINANCED
$113,604,228

Florida

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Development Site
Financed 11/12/2024
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FINANCED

Brett Forman Of Forman Capital Provides $113.6 Million Loan For Development Site In Naples

1933 Tamiami Trail

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Development Site
Financed 11/12/2024
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The asset involved in the transaction is a development site located at 1933 Tamiami Trail in Naples, covering an area of 5.3 acres. The loan amount secured for this development is $113,604,228, designated for construction purposes.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $113,604,228
  • Lender: Brett Forman - Forman Capital
  • Loan Type: Construction
  • Project Name: Aura at Metropolitan Naples
  • Number of Residences: 56 luxury residences
  • First Building: Ascent
  • Total Residential Units in Development: 270
  • Expected Completion: 2024

Brett Forman, representing Forman Capital, provided the financing for this construction project, which includes a 15-story tower and is part of a larger mixed-use development initiative. The construction of Ascent is currently underway.

Players

Forman Capital
Forman Capital
LENDER

Details

FINANCED
IMAGE: Brett Forman DATE: 11/12/2024 ADDRESS: 1933 Tamiami Trail MARKET: Naples ASSET TYPE: Development Site ~ ACRES: 5.3 LENDER: Brett Forman - Forman Capital (@FormanCapital) LOAN AMOUNT: $113,604,228 LOAN TYPE: Construction NOTE: Developers secured $113.6 million in financing from Forman Capital for the construction of Aura at Metropolitan Naples, a 15-story tower with 56 luxury residences. Construction of Ascent, the first building in the mixed-use development, is underway and will include 270 residential units, with completion expected in 2024.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$113,604,228.00

Monthly NOI$757,361.52
Monthly Debt Service$718,056.00
Change in Cash Flow$0.00
Refinance Proceeds$0.00