Forman Capital, a private direct real estate lender based in Palm Beach County, Florida, has invested substantially in Forté Luxe, an upscale boutique residential project developed by Forté Development and designed by Alfonso Jurado Architecture. Located at 12450 Crystal Cove Place on a picturesque peninsula along Jupiter’s Intracoastal Waterway, the development comprises 17 residences featuring interiors by The Decorators Unlimited, including luxurious townhomes ranging from approximately 3,500 to 5,000 square feet. The development boasts a wide range of exceptional amenities, including a resort-style swimming pool and boat slip accommodating vessels up to 60 feet, providing an unmatched lifestyle for waterfront enthusiasts. KAST Construction is the general contractor.
Forman Capital provided a $9.3 million first mortgage to the borrowing entities Forté Properties, LLC and Forté 5, LLC. The transaction closed on July 7, 2023. The development broke ground last month and is slated to be completed in March 2025.
Forte Luxe Aerial. Credit: Forman Capital.
“The property is one of the more unique assets in the state, being a peninsula in the Intracoastal and just north of the highly desirable Jupiter Inlet,” said Scott Mehlman, Forman Capital’s Chief Investment Officer. “There is a demonstrable shortage of both boat slips and ultra-luxury waterfront residences in the area. Forté Luxe will offer, privacy and the pinnacle of waterfront living that checks all the boxes.”
Douglas Elliman Development Marketing is exclusively handling sales. Units are priced from $4.35 million to over $8 million.
Forté Luxe. Credit: Forté Development.
Under the leadership of principals Brett Forman and Ben Jacobson, Forman Capital maintains an impressive pipeline exceeding $650 million, with several imminent deals set to finalize in the coming weeks. Their commitment to bridging the gap in real estate debt and equity financing, particularly for boutique projects like Forté Luxe, solidifies Forman Capital’s role as a crucial player in an era where traditional lenders face limitations.
Forman Capital provides private commercial real estate debt and equity financing for transactions ranging from $5 million to $100 million. Their focus spans short-term construction financing, mezzanine debt, and preferred equity across various real estate asset classes and geographic locations. Principals Brett Forman and Ben Jacobson exemplify their expertise and unwavering dedication to the industry’s growth and prosperity, with a distinguished track record of successfully closing over $2.6 billion in commercial real estate transactions since 2004.
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In what way is this development representative of the YIMBY movement? I see ultra-luxury townhomes in a car-dependent, exclusive community. Who exactly is this helping, other than the investors? What am I missing?