172-unit Domus FLATS at Brickell Park represents debut of new condo-hotel brand
MIAMI and PALM BEACH, FL – (April 8, 2024) – Forman Capital, a private direct real estate lender based in Palm Beach County, Florida, provided a $54.56 million construction loan to the developer of a condominium-hotel project in Miami’s Brickell Financial District. The 12-story, 172-unit Domus FLATS (Flexible Apartments for Temporary Stays) at Brickell Park will bring a new condo-hotel brand to the market and fill a void for flexible ownership product.
Located at 1611 SW Second Ave., Domus FLATS is being developed by North Development, a joint venture that includes Ricardo Dunin’s Oak Capital and Edifica, one of the largest developers and builders in Peru. More than 50% of the project’s residential units were presold in advance of its groundbreaking. Domus FLATS also includes a commercial suite on the ground floor and 22 for-sale storage units.
The financing closed on March 22. Ben Jacobson, Scott Mehlman and Ty Regnier originated the loan on behalf of Forman Capital.
This is the first transaction between the sponsors and Forman Capital.
“We are thrilled to commence what we hope will be a long-term relationship with these strong sponsors,” said Forman Capital Partner Ben Jacobson. “Domus FLATS at Brickell Park is introducing a new and exciting brand to the Miami market. Forman Capital is uniquely suited to execute quickly on construction financing transactions for such developments.”
“Working side-by-side with Forman Capital’s team of professionals was seamless,” said Ricardo Dunin, Founding Partner of North Development. “Through every step of the process, they were thorough and fully engaged, supporting our specified needs. This latest feat, coinciding with our groundbreaking, is a testament to the confidence the market has in our Domus Brickell Park project and, by extension, the Domus FLATS brand.”
Domus FLATS will be the first project to carry the Domus flag. Units can function as primary residences or short-term rentals, giving buyers coveted flexibility. All units will be delivered fully furnished, and buyers who elect to rent their units can utilize the Domus property management services and reservation system – with access to more than 85 sales channels.
Unit prices range from the $500,000s to $1.2 million.
“This transaction highlights the breadth of our capabilities due to its complexity and the international nature of the sponsorship and capital stack,” said Scott Mehlman, Forman Capital Chief Investment Officer. “We are excited to be a part of this new brand in South Florida and look forward to helping it grow in the future.”
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 $2.8 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com.
