River District 14 Secures $77.8 Million Construction Financing

River District 14, a luxury development in the heart of Miami, has secured a significant financial milestone. Forman Capital has granted a $77,805,708 construction loan to an affiliate of Alta Development, marking a key step forward for the highly anticipated project.

The development will feature two 16-story towers with a total of 283 fully furnished condo units. Designed with flexibility in mind, these units will allow for short-term rentals, catering to a growing demand among investors and residents alike.

With more than 50% of the units already sold, River District 14 is proving to be a hot commodity in today’s thriving real estate market. Forman Capital’s Chief Investment Officer and Principal, Scott Mehlman, expressed optimism about the development’s potential. “The new construction condominium market continues to sizzle, and residences built for short-term rentals have proven to really resonate with buyers,” he said. “Based on initial sales at River District 14, I think this will be a major success.”

Construction is expected to begin before the end of the year, setting the stage for another standout addition to the city’s skyline.