Development Partners Obtains $114M Loan for Naples Condos

Development Partners International, a team made up of longtime Naples investors Jerry Starkey and Fred Pezeshkan, obtained a $114 million construction loan for its 15-story, 56-unit condo project in Naples, Florida. The project, Aura at Metropolitan, located at 1925 Metropolitan Boulevard, is the second phase of a three-phase master plan development. The Aura at Metropolitan was able to capitalize on an eased zoning restriction, allowing it to rise above the 4-story height-restricted competition.

The developer will have a number of ground-floor restaurants and shops in adjacent towers and is also walkable to Naples’ famous 5th Avenue retail and restaurant corridor leading to the beach. Other amenities include indoor and outdoor resident lounges, a luxurious overnight guest suite, a business center and conference room, an outdoor kitchen with a grilling area, a seating area and fire pits, and a large golf putting green.

Forman Capital provided the loan, which was arranged by a Colliers structured finance team led by Jeffrey Donnelly and Dmitry Levkov.