Naples developers secure $114M loan for luxury residential project

Fred Pezeshkan and Jerry Starkey, developers behind a 15-story tower coming to downtown Naples, have obtained $113.6 million in financing and will begin construction immediately.

The developers are building the 56-unit building near the city’s upscale 5th Avenue shopping district. The building is part of Metropolitan Naples, which is being built on a 5.3-acre parcel at the intersection of Fifth Avenue South and Davis Boulevard.

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The financing is being provided by Palm Beach-based Forman Capital. The firm, a private direct real estate lender, announced the loan.

Terms were not disclosed.

The tower, Aura at Metropolitan, will include 6,431 square feet of ground floor retail and restaurant space along with the residential portion of the project. It is being built on a 0.7-acre parcel.

Units will include two-, three- and four-bedroom residences, many with a den. Prices, according to the Metropolitan Naples website, start at $2.5 million.

The building’s amenities include a rooftop infinity pool with views of downtown and Naples Bay and a sky lounge with a bar.

Construction is expected to finish in late 2026.

Forman specializes in commercial real estate debt and equity financing ranging from $5 million to $100 million. According to its website, its focus is on short-term construction financing, mezzanine debt and preferred equity across asset classes and geographies.