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Forman Capital Provides $9.7 Million Refinancing Loan for Ultra-Luxury Spec Home in Palm Beach

The transaction aims to refinance the existing debt on the listed property.

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.

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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.