FOREST DEVELOPMENT ANNOUNCES JOINT VENTURE PARTNER AND CLOSING OF $269 MILLION CONSTRUCTION LOAN FOR NAUTILUS 220
Forest Development has engaged in a joint venture partnership with Royal Palm Companies for Nautilus 220, 220 Lake Shore Drive, Lake Park, FL. The mixed-use development comprises 330 condominium residences in two, 24 story towers, with restaurants, retail, and offices alongside a marina. A $269 million construction loan from Fortress Investment Group LLC has closed for Nautilus 220, with financing arranged by Concord Summit Capital.
"Our team is committed to creating value with all of our projects," said Peter Baytarian, Managing Partner, Forest Development, "and engaging with Royal Palm Companies, 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."
“Nautilus 220 is a visionary and neighborhood-making development for the Town of Lake Park and the surrounding area,” said Daniel Kodsi, CEO, Royal Palm Companies. “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.”
Justin Morrow and Kevin O’Grady of Concord Summit Capital arranged the financing.
“We are delighted to have acted as financial advisor to Forest Development and Peter Baytarian and to have participated in the development of this project. We have acted as advisor on over 65 condominium projects in South Florida and consider this one of the most exciting and well-amenitized projects we have ever worked on. The testimony and proof are in the sales as the project has been selling out at a very rapid rate. We look forward to seeing this completed and occupied over the next few years,” said Kevin O’Grady, Managing Director and Partner of Concord Summit Capital.
Luis Flores, Anthony Kang, and Rick Carroll of Saul Ewing Arnstein & Lehr LLP represented Forest Development in closing this transaction.
“This transaction underlines the strength of Peter’s vision and the importance of the Nautilus 220 project to the area,” said Mr. Kang, a partner with Saul Ewing. "We are proud to be part of a development team that has the neighborhood’s best interest at heart and is behind the largest development ever approved by the Town of Lake Park. This milestone project will transform the waterfront into a vibrant destination with mixed uses for residents and tourists to enjoy for generations to come."
The Nautilus 220 project team includes Developer: Forest Development, Boca Raton, FL; Developer: Royal Palm Companies (RPC), Miami, FL; Owners Representative: Zabik & Associates, Inc., Royal Palm Beach, FL; Architect: R+N Architecture, Boca Raton, FL; General Contractor: KAST Construction, West Palm Beach, FL; Interior Design: Interiors by Steven G. Inc., Pompano Beach, FL; Planning & Landscape Architecture: Insite Studio, West Palm Beach, FL; Virtual Design & Renderings: VS Studios, West Palm Beach, FL; and Sales & Marketing: Compass Development Marketing Group, Miami, FL.
About Nautilus 220
Nautilus 220 is comprised of 330 one-to-three-bedroom residences in two, 24 story towers ranging from 1,100 to 3,400 sq. ft. Featuring various floor plans with unobstructed views of the Intracoastal Waterway and Atlantic Ocean, plunge pools, summer kitchens and hot tubs. An array of amenities includes a one-acre outdoor amenity deck, resort-style pool, rooftop lap pool, wellness plaza, putting green, club room, theatre lounge, billiards, mini-bowling, off leash dog run, guest suites and private beach club access. Interiors by Steven G. Inc. is the designer for the lobby, common areas, 5th floor amenities and model residences. Located in the famed Palm Beaches, this luxe development is alongside the Lake Park Harbor marina with 100 slips for boats up to 100ft., and includes a Chef David Burke waterfront restaurant, retail, and offices. Visit the Nautilus 220 two-story, 4,500 sq. ft. Sales Gallery & Model Residence, floating in the Lake Park Harbor Marina and preview waterfront residences from $1M to $4M+.
About Forest Development
Forest Development is a multi-faceted team of real estate development professionals with more than 30 years' experience in the United States and Europe. A diversified investment strategy includes adding value through strategic partnerships and opportunities with apartments, condominiums, townhomes, professional offices, and shopping centers. The company is committed to providing outstanding service and quality for investors, residents, and tenants.
About Royal Palm Companies
For over 40 years Royal Palm Companies has developed and managed the highest quality of properties. RPC has built a reputation for excellence with over 50 completed projects, over 6,000 residences in its portfolio and over $3.5 billion in managed real estate projects. The company is an industry leader that regularly surpasses expectations of the marketplace and its residents.