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.
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"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.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
