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 14th 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 2nd 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.
