Luxury Condominium Project in Palm Beach Receives $269 Million Construction Loan

Concord Summit Capital arranged the financing

Nautilus 220, a 330-unit luxury condominium project in Palm Beach County’s town of Lake Park, will move forward after securing a $269 million construction loan negotiated by Concord Summit Capital, LLC. The borrower, Forest Development, is developing 24-story twin condo towers on the water. It will include a two-level, 7,500-square-foot waterfront restaurant with indoor and outdoor seating featuring modern American cuisine from renowned chef David Burke.

Fortress Investment Group provided the loan to the Peter Baytarian-led Forest, which recently brought Daniel Kodsi of Royal Palm Companies as a co-general partner in Nautilus 220. Construction is underway in the town just across the Intracoastal waterway from Singer Island, with estimated completion in the second quarter of 2024. The project’s floating sales center is located on a barge in the Lake Park marina. Nautilus 220 is already 60% pre-sold. Prices range from $800,000s to more than $3 million.

Concord Summit Director Justin Morrow and Managing Director Kevin O’Grady, both of Concord Summit’s Miami office, sourced the financing on behalf of the borrowers.

“This was an exciting transaction to work on, given the unique nature of this project,” Morrow says. “The borrowers are visionary developers who are bringing a resort-style waterfront living experience to Lake Park. Nautilus 220 truly has no counterpart in the market.”

“It has been a pleasure working with Concord Summit Capital over the past two years as they guided us through more than 13 financing opportunities for our Nautilus 220 mixed-use development in Lake Park,” Baytarian says, Managing Partner at Forest Development. “The team saw the value of this project at the outset, and with their professional and invaluable expertise, as well as relationships in the industry, secured the perfect lender for us and this project.”

Nautilus 220’s residences include a mix of one-to-four-bedroom condos ranging from 1,100 to 3,400 square feet, with various floor plans offering unobstructed water views. Penthouses feature 2,000-square-foot private rooftop terraces, plunge pools, summer kitchens and 12-foot ceilings. The project includes a one-acre outdoor amenity deck and additional amenities including mini-bowling, billiards and card tables, a multipurpose soundproof studio for music and podcasts, a golf simulator, theater lounge, club room and more.

The towers are being constructed alongside an active marina with 100 slips accommodating boats up to 100 feet. The development also has easy inlet access for water sports recreation, from snorkeling and scuba diving to jet skiing, kayaking and paddle boarding.

SFBW Staff
sfbw@lmgfl.com
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