News
FORMAN CAPITAL CLOSES $12,125,000 TRANSACTION
July 23, 2008
Delray Beach, FL, July 1, 2008 -- Forman Capital, a direct bridge and subordinate debt lender for commercial real estate, funded a $12,225,000 first mortgage bridge loan to complete construction on the La Palmeraie estate home in Vero Beach, FL.
The property, located at 1920 SR A1A S, Vero Beach, Fl, is a 22,203 square foot oceanfront estate home, situated on a 15 acre site which spans from the Intracoastal Waterway to the Atlantic Ocean. The property is being developed and marketed by Clark French of Premier Estate Properties, formerly of French & Co., a Vero Beach based developer and brokerage firm of ultra-luxury estate homes. The property is currently offered for sale at $30,000,000.
The borrower initially attempted to obtain a loan to complete construction from a local bank, but in today’s challenging real estate market was unable to obtain financing, at which point Forman Capital stepped in to provide the needed capital.
“Being based in Florida, we are able to understand the market and the potential of a property such as La Palmeraie, and as a private lender, we are able to take a creative approach to transactions and fund quickly” said Brett Forman, President of Forman Capital, LLC.
About Forman Capital
Forman Capital was established in 2004 by Brett D. Forman. Forman Capital’s creative approach allows it to understand the potential in every transaction. Forman Capital typically provides real estate-secured bridge and subordinate debt financing from $5 million to $25 million, nationally, for transactions involving transitional assets and special situations, including performing and nonperforming note acquisitions. More information about Forman Capital is available at www.formancap.com or by calling 561-588-0132.