Luxury Condominium Aura at Metropolitan Secures $113.6 Million Construction Loan in Naples
Construction Loan Secured for Luxury Condominium in Naples, Florida
Forman Capital has granted a $113.6 million construction loan for a new luxury condominium project named Aura at Metropolitan. Located in Naples, Florida, the development is led by Development Partners International, LLC, managed by Fred Pezeshkan and Jerry Starkey.
Aura at Metropolitan will be a 15-story building situated on a .7-acre site near 5th Avenue, a popular downtown area. Construction is set to begin immediately, with completion expected in the fourth quarter of 2026.
The project will offer 56 upscale residences, featuring two to four bedrooms, with many including a den. Residents will have access to amenities such as:
- An infinity pool with views of downtown and Naples Bay
- A modern fitness center and yoga studio
- A rooftop sky lounge with a bar
- Additional common areas like resident lounges, business center, outdoor kitchen, and a golf putting green
The ground floor will feature 6,341 square feet of retail and restaurant space, making it a mixed-use tower.
Brett D. Forman, a partner at Forman Capital, expressed enthusiasm for the project, highlighting its prime location. Scott Mehlman, Chief Investment Officer at Forman Capital, noted that Naples is becoming a leading location for luxury condominiums, and Aura’s unique position will contribute to its success.
About Forman Capital:
Forman Capital, based in Palm Beach, specializes in private commercial real estate financing. The firm focuses on projects ranging from $5 million to $100 million, providing short-term construction loans, mezzanine debt, and preferred equity. Since 2004, its principals have completed more than $2.9 billion in real estate transactions. For more details, visit www.formancap.com.
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