Forte Development Secures $47.5M Construction Loan For Forté Luxe Townhomes In Jupiter
12450 SE Crystal Cove Pl
$47,500,000
Units
17
Asset Type
Other
Closing
Jul 3, 2024
About this deal
AI
Located in Jupiter, FL, the property at 12450 Crystal Cove Place consists of 17 luxury townhomes developed by Marius Fortelni of Forté Development. The construction of the Forté Luxe Townhomes is being financed by a $47,500,000 loan provided by Andrew Waldman and Jared Berkey of 360 Capital Funding.
Summary of transaction details:
- Property Type: For-Sale Luxury Townhomes
- Transaction Amount: $47,500,000
- Units: 17
- Market: Jupiter, FL
- Landlord: Marius Fortelni - Forte Development
- Lender: Andrew Waldman & Jared Berkey - 360 Capital Funding
- Brokers: Jordan Horowitz & Michael Horowitz - Cooper Horowitz
Cooper Horowitz played a key role in arranging the financing for the development, with Jordan Horowitz and Michael Horowitz representing the interests of Forté Development in securing the construction loan. The Forté Luxe Townhomes are designed to provide exquisite living spaces with stunning waterway views, private boat slips, and resort-style amenities for residents.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93