Forest Development Obtains $269M Construction Loan, Joint Venture Partner for South Florida Mixed-Use Project
LAKE PARK, FLA. — Forest Development, a Boca Raton, Fla.-based development firm, has obtained a $269 million construction loan for Nautilus 220, a mixed-use project in South Florida’s Palm Beach County. Located at 220 Lake Shore Drive in Lake Park, the waterfront development will comprise 330 condominium residences in two 24-story towers, as well as restaurants, shops and offices alongside a marina. Concord Summit Capital arranged the financing through Fortress Investment Group LLC, a New York City-based private equity firm.
In addition to the financing, Forest Development has engaged in a joint venture partnership with Royal Palm Cos., a development firm based in Royal Palm Beach, Fla. Other project partners for Nautilus 220 include architect R+N Architecture, interior designer Interiors by Steven G. Inc. and landscape architect Insite Studio. Forest Development expects to complete Nautilus 220 in summer 2024.