Forman Capital has provided a $9.7 million refinancing for a 6,288-square-foot spec home on the exclusive Palm Beach island. The property at 130 Algoma Rd. had existing debt, replaced by a floating-rate, 12-month loan. The ultra-luxury estate, completed in late 2023, is currently listed for sale at $19.995 million.
“The loan showcases our versatility of not only being able to finance large-scale real estate projects, but more specialized deals as well,” says Scott Mehlman, Chief Investment Officer for Forman Capital, a private direct real estate lender based in Palm Beach County.
Fensterstock Associates, led by Lee Fensterstock, is the developer and borrower in the transaction, while Ben Jacobson, Scott Mehlman, and Ty Regnier facilitated the transaction on behalf of Forman Capital.
“This was an opportunity to assist a borrower who needed short-term capital quickly to pay off original investors and have additional funds available to help market and sell the home,” said Forman Capital Partner Ben Jacobson. “We were able to execute and close on the loan in just two weeks.”
The Algoma Road residence is on a spacious lot just west of South Ocean Boulevard. It boasts five bedrooms, six and a half bathrooms, a two-car garage, and a pool with a spa. The house has impressive features such as a grand entrance foyer, hardwood floors, recessed lighting, a bar featuring two refrigerators, and an elevator. The primary suite is especially luxurious, featuring two lavish bathrooms, large walk-in closets, and a vast private terrace.
Forman Capital provides short-term construction financing, mezzanine debt, and preferred equity across different real estate asset classes and geographies. The company’s key figures, Brett Forman and Ben Jacobson, have closed over $2.6 billion.
