Alta Development's Miami condo project has gotten a $77.8 million construction loan so it could start breaking the ground for the 1.3-acre site.
River District 14 will feature two 16-story buildings with 283 units. The condos will be fully furnished and be available in one or two bedrooms. They will cost between $500,000 and $1 million. Plus, buyers can lease their units on a home-sharing platform, or by using a rental program.
Forman Capital provided the loan to River North Property Owner LLC, a unit of Alta's principal and founder, Henry Pino.
"The new construction condominium market continues to sizzle, and residences built for short-term rentals have proven to really resonate with buyers," said Scott Mehlman, principal and chief investment officer of Forman.
"Based on initial sales at River District 14, I think this will be a major success."
Speaking of buyers, River District 14′s units are more than 50 percent sold. Florida, as a whole, has enjoyed significant multifamily activity. In the year ending the second quarter, 673 percent more apartment units were absorbed compared with the same period in 2023, according to a RealPage analysis. For some, homes are too pricey – making condos the next best option.
The River District 14 project will mark the first one that Forman has worked on alongside Alta. Also, in Miami this year, Forman issued a $54.56 million construction loan for a 12-story condo-hotel project at Brickell Park. Additionally, the private CRE firm provided a $55 million loan to Invesca Development and the Gold Coast Florida Regional Center to fund a condo conversion project in Pompano Beach.
The groundbreaking for River District is scheduled to happen before the end of 2024.