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Forman Capital Funds $54.56 Million Construction Loan for Domus FLATS at Brickell Park

The 172-unit in Miami’s Financial District represents the debut of a new condo-hotel brand.

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.”

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.