Forman Capital, a private direct real estate lender, has provided a $77.8 million loan to finance the construction of River District 14, a short-term rental condominium project in Miami designed by Behar Font & Partners. Developed by Alta Development, the project will be situated on a 1.3-acre site at 1420 Northwest 14th Avenue, near the Miami River. Construction is set to commence before the end of the year.
The loan was provided to River North Property Owner LLC, an entity tied to Alta’s principal and founder, Henry Pino. The deal was sourced by Forman Capital’s Principal Ben Jacobson, Chief Investment Officer Scott Mehlman, and Vice President Ty Regnier, representing the Palm Beach-based lender.
River District 14 will consist of two 16-story towers featuring 283 fully furnished units, including studios, and one- and two-bedroom residences. Pricing reflects the luxury and flexibility offered, with units starting around $500,000 and extending over $1 million. Owners will have the option to lease their units on home-sharing platforms of their choice or participate in a rental program. More than 50% of the units have already been sold.
This project marks the first collaboration between Forman Capital and 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,” said Ben Jacobson. “We particularly like funding projects in emerging areas that will have a positive impact on the community.”
“The new construction condominium market continues to sizzle, and residences built for short-term rentals have proven to really resonate with buyers,” said Mehlman. “Based on initial sales at River District 14, I think this will be a major success.”
River District 14 is the second short-term rental project financed by Forman Capital in Miami in 2024. Earlier this year, the lender provided a $54.56 million construction loan for Domus FLATS at Brickell Park, a 12-story condominium hotel at 1611 SW 2nd Ave.
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