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Forte Development Secures $47.5M Construction Loan For Forté Luxe Townhomes In Jupiter

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FINANCED
$47,500,000
Jordan Horowitz
Michael Horowitz

Florida

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Financed 07/03/2024
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FINANCED

Forte Development Secures $47.5M Construction Loan For Forté Luxe Townhomes In Jupiter

12450 SE Crystal Cove Pl

See Similar Deals
Other
Financed 07/03/2024
Jordan Horowitz
Michael Horowitz
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Other
Transaction Type:Loan

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

Michael Horowitz
Cooper Horowitz
Michael Horowitz
24 deals$1.1B volume
BROKER
Jordan Horowitz
Cooper Horowitz
Jordan Horowitz
19 deals$634.1M volume
BROKER
360 Capital Funding
360 Capital Funding
LENDER

Details

FINANCED
IMAGE: Andrew Waldman, Jared Berkey, Marius Fortelni, Jordan Horowitz & Michael Horowitz DATE: 07/03/2024 ADDRESS: 12450 Crystal Cove Place MARKET: Jupiter, FL ASSET TYPE: For-Sale Luxury Townhomes ~ UNITS: 17 LANDLORD: Marius Fortelni (@ForteLuxe561) - Forte Development LENDER: Andrew Waldman & Jared Berkey (@JaredBerkey) - 360 Capital Funding BROKERS: Jordan Horowitz (@JayHoro15) & Michael Horowitz (@MikeHoro15) - Cooper Horowitz (@Cooperhorowitz) LOAN AMOUNT: $47,500,000 LOAN TYPE: Construction NOTE FROM BROKER: Forté Development secured a $47,500,000 million construction loan from New York-based 360 Capital Funding for the development of Forté Luxe Townhomes. Featuring just 17 multi-level residences on an exceptional and unique peninsula surrounded on three sides by beautiful Intracoastal Waterway views, Forté Luxe, which is currently under construction, is expected to be completed in Q4 2025. Forté Luxe offers views of cobalt blue water typically only found in the Bahamas. Boasting modern architecture, the pet-friendly community will offer 13 private boat slips for up to 60-foot vessels (residents can purchase dockage), and a private resort-style swimming pool and sun deck with entertainment areas. Cooper Horowitz arranged the financing on behalf of Forté Development.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$47,500,000.00

Monthly NOI$316,666.67
Monthly Debt Service$300,232.31
Change in Cash Flow$0.00
Refinance Proceeds$0.00