US$ 249M loan secured for Nautilus 220 waterfront condo in Lake Park, South Florida

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A $269 million construction loan has been secured to fund the construction of the proposed Nautilus 220 waterfront condo. The loan was secured by a joint venture between Forest Development and  Royal Palm Companies. Finances were provided by the Fortress Investment Group of New York. On behalf of the developers, Justin Morrow and Kevin O’Grady of Concord Summit Capital negotiated the funding.

The two 24-story towers development will come up along the Intracoastal Waterway at 220 Lake Shore Drive. The site is in Lake Park between Riviera Beach and North Palm Beach in South Florida. The future Nautilus 220 waterfront condo will feature 330 apartments. The apartments will have sizes ranging from 1,100 square feet to 3,400 square feet. Furthermore, the apartments will include condominiums with one to three bedrooms.

Also Read: Construction Breaks Ground on Okan Mixed-Use Tower in Miami

Additionally, the Nautilus 220 waterfront condo will feature retail spaces. One of the retail spaces will house a restaurant run by chef David Burke.

Other projects in the region developed alongside Nautilus 220 condo in Lake Park

The R+N Architecture-designed construction is rising alongside the 100-slip Lake Park Harbor Marina. The Marina has space for vessels up to 100 feet long. Peter Baytarian-led Boca Raton-based Forest built the 2.8-acre site between 2018 and 2020 for a total of $9.5 million. News reports have stated that prices vary from $1 million to over $4 million.

Kodsi’s Miami-based Royal Palm on the other hand recently announced plans for a mixed-use Aventura project. They plan to equip the project with high street retail that would compete with Aventura Mall. Kodsi and developer Rafael Pecchio spent $8.9 million in February for the land at 1317 and 1345 North Miami Avenue in the Arts & Entertainment District. On this land, they want to build a 200-unit apartment tower.

The condo-hotel Legacy Hotel & Residences at Miami Worldcenter is also being built by Royal Palm. Royal Palm Companies holds the title for the largest construction loan for a South Florida project, scoring $340 million last year for its Legacy tower in Downtown Miami.