Together with Royal Palm Cos., Forest Development has announced the closing of a $269 million construction loan for Nautilus, a mixed-used condominium development in Lake Park, Florida. The loan, from Fortress Investment Group, was arranged by Concord Summit Capital.
Made up of 330 condominiums, restaurants, retail shops, and offices along Lake Park Harbor Marina, the two 24-story towers will offer one- to three-bedroom residences ranging from 1,100 to 3,400 square feet. The 4,500-square-foot sales gallery and model residence can be found floating in the marina.
“Our team is committed to creating value with all of our projects and engaging with Royal Palm Cos., a Florida-based and seasoned high-rise developer as our partner for Nautilus 220, aligns with this goal. The condominium residences are more than 60% sold for this new luxury project, and construction is underway with completion anticipated for summer 2024,” says Peter Baytarian, managing partner at Forest Development.
Various floor plans will offer unobstructed views of the Atlantic Ocean and intercoastal waterway. A 1-acre outdoor amenity deck, pool, rooftop lap pool, putting green, wellness plaza, theater lounge, and billiards are some of the amenities included. Guest suites and private beach club access also add to the property’s luxury offerings. The lobby, common areas, fifth-floor amenities, and model residences were designed by Interiors by Steven G.
“Nautilus 220 is a visionary and neighborhood-making development for the town of Lake Park and the surrounding area,” says Daniel Kodsi, CEO of Royal Palm Cos. “Sales are strong for the condominiums, and we are pleased to offer our more than 40 years of expertise in the industry as the project comes out of the ground and is brought to completion.” The firm has built more than 50 completed projects and has over 6,000 residences in its portfolio with over $3.5 billion in managed real estate projects.