Forman Capital, a private direct real estate lender based in Palm Beach County, Florida, provided $9.7 million in refinancing for a 6,288-square-foot spec home on the posh island of Palm Beach. The floating-rate, 12-month loan replaces existing debt on the property at 130 Algoma Road.
The ultra-luxe estate, which was completed in late 2023, is listed for sale for $19,995,000.
The developer/borrower is Fensterstock Associates, led by Lee Fensterstock. Ben Jacobson, Scott Mehlman and Ty Regnier originated the transaction on behalf of Forman Capital.
“This was an opportunity to assist a borrower who needed short-term capital quickly to pay off original investors and have additional funds available to help market and sell the home,” said Forman Capital Partner Ben Jacobson. “We were able to execute and close on the loan in just two weeks.”
Located on an oversized lot just west of South Ocean Boulevard, the Algoma Road home has 5 bedrooms, 6.5 bathrooms, a 2-car garage and a pool/spa. Indoor features include a stately entry foyer, hardwood floors, recessed lighting, a bar with two refrigerators, and an elevator. The primary suite has two luxurious bathrooms, large walk-in closets and a generous private terrace.
“The loan showcases our versatility of not only being able to finance large-scale real estate projects, but more specialized deals as well,” said Scott Mehlman, Forman Capital Chief Investment Officer.
About Forman Capital:
Palm Beach-based Forman Capital is a provider of private commercial real estate debt and equity financing for transactions ranging from $5 million to $100 million. The firm focuses on short-term construction financing, mezzanine debt, and preferred equity across various real estate asset classes and geographies. Company principals Brett Forman and Ben Jacobson have closed more than $2.6 billion in commercial real estate transactions since 2004. For more information, visit www.formancap.com.
