Royal Palm Companies (RPC) plans to develop a condo-hotel project on a Miami development site after securing a $8.36 million pre-development bridge loan from Forman Capital. The property, comprised of two adjacent parcels totaling 0.49 acres, is located just north of downtown Miami. It has been approved to construct a maximum of 245 residential units. RPC is collaborating with the City of Miami to raise the site’s density to accommodate up to 360 units.
“Forman Capital is excited to collaborate with a sponsor we have a longstanding relationship with,” says Scott Mehlman, Chief Investment Officer/Partner of Forman Capital, a leading private direct real estate lender. “Given Miami’s continued population growth and year-round tourism, this branded condo-hotel development should be extremely successful. We are particularly bullish on the product type and Miami’s urban core overall.”
Currently, two commercial buildings are on the project site, both of which are occupied by restaurant supply tenants.
“This is one of the more attractive undeveloped sites in the Greater Downtown Miami market,” Forman Capital Partner Ben Jacobson says. “The combination of the site’s appeal, the developer’s track record and pent-up demand for additional high-end condo-hotel inventory bodes well for the project’s sales activity.”
