River District 14, which will consist of two 16-story towers with 283 fully furnished units, received a $77.8 million loan to finance the construction of the short-term rental condominium project in Miami. Alta Development is developing the property on a 1.3-acre site at 1420 NW 14th Ave., near the Miami River. Construction is expected to begin before the end of the year.
Forman Capital, based in Palm Beach, provided the construction loan to River North Property Owner LLC, an entity tied to Alta’s main principal and founder, Henry Pino. Principal Ben Jacobson, Chief Investment Officer/Principal Scott Mehlman and Vice President Ty Regnier sourced the loan on behalf of Palm Beach-based Forman Capital. This is the first instance of Forman Capital collaborating with Alta Development.
“Forman Capital is pleased to work with an accomplished developer like Henry Pino and help bring his latest project to life in the Miami River district,” Jacobson says. “We particularly like funding projects in emerging areas that will have a positive impact on the community.”
River District 14 features studios and one and two-bedroom residences ranging from $500,000 to over $1 million. Owners can rent out their units on any home-sharing platform they prefer or through a rental program. Additionally, it’s worth noting that the project has already sold over 50% of its units.
“The new construction condominium market continues to sizzle, and residences built for short-term rentals have proven to really resonate with buyers,” Mehlman says. “Based on initial sales at River District 14, I think this will be a major success.”
The River District 14 loan is the second short-term rental project in Miami Forman Capital financed in 2024. In April, it provided a $54.56 million construction loan for Domus FLATS at Brickell Park, a 12-story condominium hotel set to be built at 1611 SW 2nd Ave.
