Naples developers borrow $114M for luxury home project

Fred Pezeshkan and Jerry Starkey, the developers of a 15-story tower set to rise in downtown Naples, have secured $113.6 million in financing and will commence construction without delay.

The developers are constructing a 56-unit building close to the city’s prestigious 5th Avenue shopping district. The structure is a component of Metropolitan Naples, currently under construction on a 5.3-acre site located at the junction of Fifth Avenue South and Davis Boulevard.

Forman Capital, located in Palm Beach, is providing the financing. The company, a private direct lender in real estate, has announced the loan.

The terms remain undisclosed, according to a recent article by Louis Llovio of Business Observer.

The tower, Aura at Metropolitan, will feature 6,431 square feet of ground-floor retail and restaurant space in addition to the residential component of the project. A 0.7-acre parcel is currently under construction.

Units will feature two-, three-, and four-bedroom residences, with many including a den. The Metropolitan Naples website indicates that prices begin at $2.5 million.

The building features a rooftop infinity pool offering stunning views of downtown and Naples Bay, along with a sky lounge that includes a bar.

Construction is anticipated to be completed by late 2026.

Forman focuses on financing for commercial real estate, offering debt and equity solutions from $5 million to $100 million. The website states that it specializes in short-term construction financing, mezzanine debt, and preferred equity across various asset classes and locations.

This article originally appeared on Business Observer