Forest Development forms JV, closes $269m construction loan for mixed-use development

Forest Development has engaged in a joint venture partnership with Royal Palm Cos. for Nautilus 220, 220 Lake Shore Drive, Lake Park, Fla.

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 has closed for Nautilus 220, with financing arranged by Concord Summit Capital.

The condominium residences are more than 60 percent sold for this new luxury project, and construction is under way 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 Cos. “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.”