Domus FLATS (Flexible Apartments for Temporary Stays), a 12-story building featuring 172 units, will introduce a new condo-hotel brand to the Maimi market. Forman Capital, a private direct real estate lender in Palm Beach County, provided a construction loan worth $54.56 million to the developer of a condominium-hotel project to help fill a need for flexible ownership products in the area.
Domus FLATS, situated at 1611 SW Second Ave., is currently under development by North Development, a joint venture between Oak Capital, owned by Ricardo Dunin, and Edifica, one of Peru’s largest developers and builders. Before its groundbreaking, over 50% of the residential units in the project were already presold. In addition to the residential units, Domus FLATS will have a commercial suite on the ground floor and 22 storage units available for sale.
“Working side-by-side with Forman Capital’s team of professionals was seamless,” Ricardo Dunin says, 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.”
Ben Jacobson, Scott Mehlman, and Ty Regnier brokered the loan on behalf of Forman Capital. It marks 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,” Jacobson says, Forman Capital Partner. “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.”
Domus FLATS is set to become the inaugural project under the Domus brand. Prospective buyers will choose to use the units as primary residences or short-term rentals, providing them with the desired flexibility. All units will be handed over as fully furnished, and those who opt to rent out their units can avail of the Domus property management services and reservation system. Owners will also have access to over 85 sales channels, making it easier to find renters. The unit prices will range between $500,000 and $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,” Scott Mehlman says, 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.”
