FOREST DEVELOPMENT ANNOUNCES COLLABORATIVE PARTNER AND CLOSING OF $269 MILLION CONSTRUCTION LOAN FOR NAUTILUS 220

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LAKE PARK, Florida., July 5, 2022 /PRNewswire/ — Forest Development announced today that it has entered into a joint venture partnership with Royal Palm Companies for Nautilus 220, 220 Lake Shore Drive, Lake Park, Florida. The mixed-use development includes 330 condominium residences spread across two 24-story towers, with restaurants, retail and offices alongside a marina. A $269 million The Fortress Investment Group LLC construction loan has been completed for Nautilus 220, with financing arranged by Concord Summit Capital.

“Our team is committed to creating value with all of our projects,” said Pierre BaytarianManaging Partner, Forest Development,” and in conjunction with Royal Palm Companies, a Floridaexperienced, partner-based skyscraper developer for Nautilus 220, aligns with this goal. Condominium residences are over 60% sold for this new luxury project, and construction is underway with completion expected in the summer of 2024.”

“Nautilus 220 is a visionary and neighborhood-building development for the City of Lake Park and the surrounding area,” said Daniel Kodsi, CEO, Royal Palm Companies. “Sales are strong for condominiums, and we are pleased to offer our more than 40 years of expertise in the industry as the project rises from the ground and winds down.”

Justin Morro and Kevin O’Grady of Concord Summit Capital arranged the financing.

“We are delighted to have acted as financial advisor to Forest Development and Pierre Baytarian and for having participated in the development of this project. We have acted as an advisor on more than 65 condominium projects in South Florida and consider this one of the most exciting and best laid out projects we have ever worked on. Testimonial and proof are in the sales as the project sold out at a very fast pace. We look forward to seeing it completed and occupied over the next few years,” said Kevin O’Gradymanaging director and partner of Concord Summit Capital.

Luis Flores, Anthony Kangand Rick Carroll of Saul Ewing Arnstein & Lehr LLP represented Forest Development in the closing of this transaction.

“This transaction underscores the strength of Peter’s vision and the importance of the Nautilus 220 project to the region,” said Mr. Kang, a partner at Saul Ewing. “We are proud to be part of a development team that has the best interests of the neighborhood at heart and is behind the largest development ever approved by the city. City of Lake Park. This landmark project will transform the waterfront into a vibrant mixed-use destination that residents and tourists can enjoy for generations to come. »

The Nautilus 220 project team includes Developer: Forest Development, Boca Raton, Florida; Developer: Royal Palm Companies (RPC); Owners Representative: Zabik & Associates, Inc., Royal Palm Beach, Florida; Architect: R+N Architecture, Boca Raton, Florida; General contractor: KAST Construction, West Palm Beach, Florida; Interior Design: Interiors by Steven G. Inc., Pompano Beach, Florida; Urban planning and landscape architecture: Insite Studio, West Palm Beach, Florida; Virtual design and rendering: VS Studios, West Palm Beach, Florida; and Sales & Marketing: Compass Development Marketing Group, Miami, Florida.

Nautilus 220 is comprised of 330 one- to three-bedroom residences spread across two 24-story towers ranging from 1,100 to 3,400 square feet. Featuring various floor plans with stunning views of the Intracoastal Waterway and the Atlantic Ocean, swimming pools, summer kitchens and jacuzzi. A range of amenities include a one-acre outdoor amenity deck, resort-style swimming pool, rooftop lap pool, wellness plaza, putting green, gym, club, a theater lounge, billiards, mini-bowling, an off-leash dog course, guest suites and a private beach access to the clubs. Interiors by Steven G. Inc. is the designer of the lobby, common areas, 5th floor amenities and model residences. Located in the famous Palm Beaches, this luxury development is adjacent to Lake Park Harbor Marina with 100 boat slips up to 100 feet, and includes a chef david burque waterfront restaurant, retail and offices. Tour the two-story, 4,500 square foot Nautilus 220. Sales Gallery & Model Residence, floating in the Lake Park Harbor Marina and check out waterfront residences from $1 million $4 million or more.

Forest Development is a versatile team of property development professionals with over 30 years of experience in United States and Europe. A diversified investment strategy includes adding value through strategic partnerships and opportunities with apartments, condominiums, townhouses, professional offices and shopping malls. The company is committed to providing exceptional service and quality to investors, residents and tenants.

For over 40 years, Royal Palm Companies has developed and managed properties of the highest quality. RPC has built a reputation for excellence with over 50 completed projects, over 6,000 residences in its portfolio and more $3.5 billion in managed real estate projects. The company is an industry leader that consistently exceeds market and resident expectations.

SOURCE Forest Development LLC

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