# Lakefront Okeechobee Report: public claims and explainers --- Unofficial independent archive of public records, financing filings, and project history for Lakefront Estates & Villas in unincorporated Glades County, Florida. --- Index and scope: https://lakefrontokeechobee.com/llms.txt --- Coverage through 2026-10-07; county records verified through 2026-09-24. Each fact retains its own as-of date. Estimates, ceilings, balances, asking prices, contracts, and recorded sales are distinct. Superseded records below are historical, not current figures. --- ## Glades County Citation: https://lakefrontokeechobee.com/claims/#location-glades Evidence: official-offering-document; interpretation: other; as of: 2025-12-11. The project land is in unincorporated Glades County, Florida, described in official materials as east of State Road 78 and north of Tomato Grade Road. Marketing uses an Okeechobee address identity. That is not the same as a location in Okeechobee County. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## 525–526 acres Citation: https://lakefrontokeechobee.com/claims/#project-acres Evidence: official-offering-document; interpretation: size; as of: 2025-12-11. Approximate development size is 525 to 526 gross acres, depending on document rounding. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About 1,300 homes Citation: https://lakefrontokeechobee.com/claims/#planned-units Evidence: official-offering-document; interpretation: plan; as of: 2025-12-11. Planned residential buildout is approximately 1,300 residential units. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## $3,500/month Citation: https://lakefrontokeechobee.com/claims/#townhome-starting-rent-2025 Evidence: official-offering-document; interpretation: estimate; as of: 2025-12-11. The December 2025 offering document expected townhome starting rents of approximately $3,500 per month. Historical expected starting monthly rent, not a purchase price or a current rental quote. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## $535,000 Citation: https://lakefrontokeechobee.com/claims/#duplex-starting-price-2025 Evidence: official-offering-document; interpretation: estimate; as of: 2025-12-11. The December 2025 offering document expected paired duplex starting sale prices of approximately $535,000. Historical expected starting sale price, not a current listing price or recorded closing price. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## $460,000–$1.2 million Citation: https://lakefrontokeechobee.com/claims/#single-family-starting-prices-2025 Evidence: official-offering-document; interpretation: estimate; as of: 2025-12-11. The December 2025 offering document expected starting single-family sale prices to range from approximately $460,000 to $1.2 million. This range covers the single-family products collectively. It does not establish an individual starting price for Ranch, Emerald, Luxor, or Majestic. These are historical expectations, not current quotes. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## commercial-sf-versions Citation: https://lakefrontokeechobee.com/claims/#commercial-sf-versions Evidence: conflicting-sources; interpretation: plan; as of: 2025-12-11. Commercial square footage is not a single settled number. One offering-document summary describes approximately 780,000 square feet of commercial uses. A methodology table contains 30,697 square feet of commercial-religious uses plus 806,585 square feet of other commercial uses. Both commercial-area figures are shown. They come from different tables. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Master engineer's report and capital-improvement methodology, February 2024 (2024-02-01; official-offering-document): https://lakefrontokeechobee.com/sources/#engineer-2024-02 --- ## 132.53 acres Citation: https://lakefrontokeechobee.com/claims/#aa1-acres Evidence: official-offering-document; interpretation: size; as of: 2025-12-11. Assessment Area One / Phase 1A is approximately 132.53 gross acres. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## 199 homes in Area One Citation: https://lakefrontokeechobee.com/claims/#aa1-units Evidence: official-offering-document; interpretation: plan; as of: 2025-12-11. Assessment Area One plans 199 residential units. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About 209,836 sq ft Citation: https://lakefrontokeechobee.com/claims/#aa1-commercial Evidence: official-offering-document; interpretation: plan; as of: 2025-12-11. Assessment Area One plans approximately 209,836 square feet of commercial uses. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## target-market Citation: https://lakefrontokeechobee.com/claims/#target-market Evidence: official-offering-document; interpretation: other; as of: 2025-12-11. A December 2025 offering document described the target market as the Ultra-Orthodox Jewish community in the Northeast U.S. This is the document's statement. It is not this site's housing preference, and it is not a classification of any resident or buyer. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## open-to-all Citation: https://lakefrontokeechobee.com/claims/#open-to-all Evidence: official-offering-document; interpretation: other; as of: 2025-12-11. The same project materials state that the development is open to all buyers. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## developer-sole Citation: https://lakefrontokeechobee.com/claims/#developer-sole Evidence: official-offering-document; interpretation: ownership; as of: 2025-12-11. The December 2025 CDD offering document describes Okeechobee Community Developers LLC as the sole landowner and developer at that time. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## JAM 50% · LH 21.25% · Member 18.75% · SPV 10% Citation: https://lakefrontokeechobee.com/claims/#ownership-split Evidence: official-offering-document; interpretation: ownership; as of: 2025-12-11. Direct membership interests in Okeechobee Community Developers LLC are reported as JAM Equities LLC 50%, Okeechobee LH LLC 21.25%, Okeechobee Member LLC 18.75%, and Okeechobee SPV Holdings I LLC 10%. These are membership interests of the named LLCs, not personal shares. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Lakefront Estates CDD April 9, 2025 regular meeting book (2025-04-09; official-offering-document): https://lakefrontestatescdd.org/wp-content/uploads/2025/04/LFE-2024-04-09-Regular-Board-Meeting-Book-1.pdf --- ## jam-sole-manager Citation: https://lakefrontokeechobee.com/claims/#jam-sole-manager Evidence: official-offering-document; interpretation: other; as of: 2025-12-11. JAM Equities LLC is identified as the sole manager of Okeechobee Community Developers LLC. Manager is not the same thing as 100% economic ownership. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About $13.9 million Citation: https://lakefrontokeechobee.com/claims/#land-cost-13-9 Evidence: official-offering-document; interpretation: reported-spend; as of: 2025-12-11. December 2025 CDD documentation states the approximately 525-acre land was acquired for about $13.9 million. About $3.5 million of the purchase price was attributed to Assessment Area One. The recorded deed's stated consideration has not been separately confirmed. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About $3.5 million Citation: https://lakefrontokeechobee.com/claims/#land-aa1-portion Evidence: official-offering-document; interpretation: reported-spend; as of: 2025-12-11. About $3.5 million of the land purchase price was attributed to Assessment Area One. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About $8.9 million Citation: https://lakefrontokeechobee.com/claims/#land-cost-8-9 Evidence: superseded; interpretation: reported-spend; as of: 2025-12-11. An earlier summary used an approximately $8.9 million land-purchase figure. Superseded. The deed's stated consideration has not been separately confirmed. Superseded by: https://lakefrontokeechobee.com/claims/#land-cost-13-9 Sources: - Records reviewed through October 7, 2026 (2026-10-07; unverified-lead): https://lakefrontokeechobee.com/sources/#research-brief --- ## $200 million maximum Citation: https://lakefrontokeechobee.com/claims/#eb5-maximum-200 Evidence: official-offering-document; interpretation: maximum-principal; as of: 2025-11-26. The recorded EB-5 mortgage states a maximum principal of $200 million. Maximum principal is a contractual ceiling. It is not an amount disbursed. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record): https://www.myfloridacounty.com/orisearch/22 --- ## About $92 million outstanding Citation: https://lakefrontokeechobee.com/claims/#eb5-outstanding-92 Evidence: official-offering-document; interpretation: outstanding-balance; as of: 2025-11-26. The collective EB-5 loan from EB-5 United Okeechobee LLC and EB-5 United Okeechobee II LLC was reported as approximately $92 million outstanding. Outstanding principal on this date is not Form D amount sold and is not final investor subscriptions. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## eb5-interest-maturity Citation: https://lakefrontokeechobee.com/claims/#eb5-interest-maturity Evidence: official-offering-document; interpretation: other; as of: 2025-11-26. The December 2025 offering document reports EB-5 interest of 7% per annum, payable monthly, with final maturity in June 2028 and two one-year extension options. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## $100 million offering size Citation: https://lakefrontokeechobee.com/claims/#form-d-fund-i-size Evidence: sec-filing; interpretation: offering-size; as of: 2023-10-24. The October 24, 2023 Form D for EB5 United Okeechobee LLC reports an offering size of $100 million. Sources: - SEC Form D, EB5 United Okeechobee LLC (2023-10-24; sec-filing): https://www.sec.gov/Archives/edgar/data/1997576/000199757623000001/xslFormDX01/primary_doc.xml --- ## $10.45 million amount sold Citation: https://lakefrontokeechobee.com/claims/#form-d-fund-i-sold Evidence: sec-filing; interpretation: amount-sold; as of: 2023-10-24. The October 24, 2023 Form D for EB5 United Okeechobee LLC reports $10.45 million sold as of that filing. Amount sold in this filing is not a final raise and is not an outstanding loan balance. Sources: - SEC Form D, EB5 United Okeechobee LLC (2023-10-24; sec-filing): https://www.sec.gov/Archives/edgar/data/1997576/000199757623000001/xslFormDX01/primary_doc.xml --- ## $100 million offering size Citation: https://lakefrontokeechobee.com/claims/#form-d-fund-ii-size Evidence: sec-filing; interpretation: offering-size; as of: 2025-08-26. The August 26, 2025 Form D for EB5 United Okeechobee II LLC reports an offering size of $100 million. Sources: - SEC Form D, EB5 United Okeechobee II LLC (2025-08-26; sec-filing): https://www.sec.gov/Archives/edgar/data/2076158/000207615825000001/xslFormDX08/primary_doc.xml --- ## $4,650,100 amount sold Citation: https://lakefrontokeechobee.com/claims/#form-d-fund-ii-sold Evidence: sec-filing; interpretation: amount-sold; as of: 2025-08-26. The August 26, 2025 Form D for EB5 United Okeechobee II LLC reports $4,650,100 sold as of that filing. Sources: - SEC Form D, EB5 United Okeechobee II LLC (2025-08-26; sec-filing): https://www.sec.gov/Archives/edgar/data/2076158/000207615825000001/xslFormDX08/primary_doc.xml --- ## $15,100,100 combined snapshots Citation: https://lakefrontokeechobee.com/claims/#form-d-sold-sum Evidence: derived; interpretation: amount-sold; as of: 2025-08-26. Adding the two Form D amount-sold snapshots produces $15,100,100. Arithmetic sum of two filings from different dates. Not the project's total EB-5 raise. Sources: - SEC Form D, EB5 United Okeechobee LLC (2023-10-24; sec-filing): https://www.sec.gov/Archives/edgar/data/1997576/000199757623000001/xslFormDX01/primary_doc.xml - SEC Form D, EB5 United Okeechobee II LLC (2025-08-26; sec-filing): https://www.sec.gov/Archives/edgar/data/2076158/000207615825000001/xslFormDX08/primary_doc.xml --- ## $58,175,000 note principal Citation: https://lakefrontokeechobee.com/claims/#eb5-note-58175 Evidence: public-record; interpretation: outstanding-balance; as of: 2025-12-31. The December 31, 2025 mortgage consolidation identifies an existing EB-5 note principal of $58,175,000. This figure is kept separate from the approximately $92 million collective balance reported as of November 26, 2025. Sources: - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record): https://www.myfloridacounty.com/orisearch/22 --- ## $28,039,591.17 original maximum Citation: https://lakefrontokeechobee.com/claims/#construction-max-original Evidence: public-record; interpretation: maximum-principal; as of: 2024-07-31. Construction Loan Services II LLC senior financing is later described with an original maximum principal of $28,039,591.17. Sources: - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record): https://www.myfloridacounty.com/orisearch/22 --- ## $19,461,366.93 outstanding Citation: https://lakefrontokeechobee.com/claims/#construction-outstanding-2025-12-31 Evidence: public-record; interpretation: outstanding-balance; as of: 2025-12-31. The December 31, 2025 consolidation identifies an outstanding construction-loan balance of $19,461,366.93. Sources: - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record): https://www.myfloridacounty.com/orisearch/22 --- ## About $20 million outstanding Citation: https://lakefrontokeechobee.com/claims/#construction-outstanding-oct-2025 Evidence: official-offering-document; interpretation: outstanding-balance; as of: 2025-10-01. The December 2025 offering document reports the construction loan at approximately $20 million outstanding, with interest of 9.99% payable monthly and final maturity then stated as January 21, 2026. The offering document gives October 2025, not a specific day. The later recorded balance is a separate figure. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## $77,636,366.93 consolidated existing balances Citation: https://lakefrontokeechobee.com/claims/#consolidated-existing-debt Evidence: derived; interpretation: outstanding-balance; as of: 2025-12-31. The two balances explicitly identified for consolidation on December 31, 2025 total $77,636,366.93. Sum of the $58,175,000 EB-5 note and the $19,461,366.93 construction-loan balance named in the instrument. Not total project capital. Sources: - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record): https://www.myfloridacounty.com/orisearch/22 --- ## consolidation-share Citation: https://lakefrontokeechobee.com/claims/#consolidation-share Evidence: derived; interpretation: other; as of: 2025-12-31. Of those two named balances, the EB-5 note is about 74.93% and the construction-loan balance is about 25.07%. Share of the two balances being consolidated. Not the funding mix of the entire project. Sources: - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record): https://www.myfloridacounty.com/orisearch/22 --- ## $400 million future-advance ceiling Citation: https://lakefrontokeechobee.com/claims/#future-advance-400 Evidence: public-record; interpretation: future-advance-ceiling; as of: 2025-12-31. The December 31, 2025 instrument contains a future-advance provision contemplating a total ceiling of up to $400 million. A ceiling is not money lent. Sources: - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record): https://www.myfloridacounty.com/orisearch/22 --- ## $132 million authorization ceiling Citation: https://lakefrontokeechobee.com/claims/#cdd-authorization-132 Evidence: official-offering-document; interpretation: authorization; as of: 2023-12-20. CDD Resolution No. 2023-30 authorized issuance of not exceeding $132 million aggregate principal amount of bonds. Authorization is not issuance. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About $135 million planning assumption Citation: https://lakefrontokeechobee.com/claims/#cdd-plan-135 Evidence: official-offering-document; interpretation: authorization; as of: 2024-02-01. A master assessment methodology used planning assumptions of approximately $135 million maximum bond size. Planning capacity is not debt issued. Sources: - Master engineer's report and capital-improvement methodology, February 2024 (2024-02-01; official-offering-document): https://lakefrontokeechobee.com/sources/#engineer-2024-02 - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## $8.99 million issued Citation: https://lakefrontokeechobee.com/claims/#cdd-issued-899 Evidence: official-offering-document; interpretation: issued-debt; as of: 2025-12-23. Series 2025 Special Assessment Bonds for Assessment Area One were issued in the aggregate principal amount of $8.99 million. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## $7,748,948.06 net proceeds Citation: https://lakefrontokeechobee.com/claims/#cdd-net-proceeds Evidence: official-offering-document; interpretation: other; as of: 2025-12-23. Net proceeds reported available to the District for construction or acquisition from the Series 2025 bonds were $7,748,948.06. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About $35 million Citation: https://lakefrontokeechobee.com/claims/#spend-land Evidence: developer-reported; interpretation: reported-spend; as of: 2025-10-01. As of October 2025, the developer reported approximately $34.59 million to $35 million in land-development costs. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About $18 million Citation: https://lakefrontokeechobee.com/claims/#spend-vertical Evidence: developer-reported; interpretation: reported-spend; as of: 2025-10-01. As of October 2025, the developer reported approximately $18 million in vertical construction spending. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About $3.5 million Citation: https://lakefrontokeechobee.com/claims/#spend-general Evidence: developer-reported; interpretation: reported-spend; as of: 2025-10-01. As of October 2025, the developer reported approximately $3.5 million in general conditions. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About $33 million combined Citation: https://lakefrontokeechobee.com/claims/#spend-combined-soft Evidence: developer-reported; interpretation: reported-spend; as of: 2025-10-01. As of October 2025, the developer reported approximately $33 million in a combined category of architecture and engineering, consulting, marketing, and financing costs. Marketing is not isolated inside this category. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## $121,548,650 estimate Citation: https://lakefrontokeechobee.com/claims/#cip-121 Evidence: official-offering-document; interpretation: estimate; as of: 2024-02-01. February 2024 master methodology materials include a project-cost estimate of $121,548,650 including contingency. Sources: - Master engineer's report and capital-improvement methodology, February 2024 (2024-02-01; official-offering-document): https://lakefrontokeechobee.com/sources/#engineer-2024-02 --- ## About $110.5 million before contingency Citation: https://lakefrontokeechobee.com/claims/#cip-110 Evidence: official-offering-document; interpretation: estimate; as of: 2024-02-01. The same engineer material describes a pre-contingency capital-improvement total of approximately $110,498,773. Sources: - Master engineer's report and capital-improvement methodology, February 2024 (2024-02-01; official-offering-document): https://lakefrontokeechobee.com/sources/#engineer-2024-02 --- ## $119,776,493 alternate exhibit Citation: https://lakefrontokeechobee.com/claims/#cip-119 Evidence: conflicting-sources; interpretation: estimate; as of: 2024-02-01. A separate project-description exhibit showed a total of $119,776,493. Different lighting and contingency treatment. The tables are not collapsed into one total. Sources: - Master engineer's report and capital-improvement methodology, February 2024 (2024-02-01; official-offering-document): https://lakefrontokeechobee.com/sources/#engineer-2024-02 --- ## $28,560,055 estimate Citation: https://lakefrontokeechobee.com/claims/#aa1-estimate-28 Evidence: official-offering-document; interpretation: estimate; as of: 2025-12-11. The Series 2025 estimated project for Assessment Area One totals $28,560,055. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## $122,646 O&M assessments Citation: https://lakefrontokeechobee.com/claims/#budget-om Evidence: official-offering-document; interpretation: other; as of: 2026-10-01. The fiscal 2026-27 CDD budget identifies O&M assessments of $122,646. Sources: - Lakefront Estates CDD fiscal year 2026-27 budget (2026-10-01; official-offering-document): https://lakefrontestatescdd.org/wp-content/uploads/2026/04/LFE-Final-Budget-2026-2027.pdf --- ## $726,435 debt assessments Citation: https://lakefrontokeechobee.com/claims/#budget-debt Evidence: official-offering-document; interpretation: other; as of: 2026-10-01. The fiscal 2026-27 CDD budget identifies debt assessments of $726,435. Sources: - Lakefront Estates CDD fiscal year 2026-27 budget (2026-10-01; official-offering-document): https://lakefrontestatescdd.org/wp-content/uploads/2026/04/LFE-Final-Budget-2026-2027.pdf --- ## $180 interest income Citation: https://lakefrontokeechobee.com/claims/#budget-interest Evidence: official-offering-document; interpretation: other; as of: 2026-10-01. The fiscal 2026-27 CDD budget identifies interest income of $180. Sources: - Lakefront Estates CDD fiscal year 2026-27 budget (2026-10-01; official-offering-document): https://lakefrontestatescdd.org/wp-content/uploads/2026/04/LFE-Final-Budget-2026-2027.pdf --- ## $849,261 budgeted revenue Citation: https://lakefrontokeechobee.com/claims/#budget-total Evidence: official-offering-document; interpretation: other; as of: 2026-10-01. The fiscal 2026-27 CDD budget identifies total budgeted revenue of $849,261. Sources: - Lakefront Estates CDD fiscal year 2026-27 budget (2026-10-01; official-offering-document): https://lakefrontestatescdd.org/wp-content/uploads/2026/04/LFE-Final-Budget-2026-2027.pdf --- ## $668,320 bond-payment provision Citation: https://lakefrontokeechobee.com/claims/#budget-bond-provision Evidence: official-offering-document; interpretation: other; as of: 2026-10-01. The fiscal 2026-27 CDD budget includes a provision for bond payments of $668,320. Sources: - Lakefront Estates CDD fiscal year 2026-27 budget (2026-10-01; official-offering-document): https://lakefrontestatescdd.org/wp-content/uploads/2026/04/LFE-Final-Budget-2026-2027.pdf --- ## About 15 developer-reported contracts Citation: https://lakefrontokeechobee.com/claims/#sales-contracts-15 Evidence: developer-reported; interpretation: other; as of: 2025-11-01. By November 2025, approximately 15 homes were reported sold to homebuyers at an average sales price of $560,000. Closings were still expected later, so this is a developer-reported contract figure. Not recorded deed closings. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## About $325,000 deposits reported Citation: https://lakefrontokeechobee.com/claims/#deposits-2025-11 Evidence: developer-reported; interpretation: reported-spend; as of: 2025-11-01. Home sale contracts were reported to require approximately a $25,000 nonrefundable deposit, with approximately $325,000 in deposits reported received. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## models-and-construction Citation: https://lakefrontokeechobee.com/claims/#models-and-construction Evidence: developer-reported; interpretation: other; as of: 2025-11-01. By November 2025, seven model homes were reported constructed and approximately 52 homes were reported under construction, with approximately 25 more expected to start in December 2025. Sources: - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## county-record-lag Citation: https://lakefrontokeechobee.com/claims/#county-record-lag Evidence: public-record; interpretation: other; as of: 2026-10-07. As of October 7, 2026, the Glades County public-record index was verified only through September 24, 2026. Absence of a located deed is not proof that no closing occurred. Sources: - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record): https://www.myfloridacounty.com/orisearch/22 --- ## 0 confirmed recorded closings Citation: https://lakefrontokeechobee.com/claims/#recorded-closings-count Evidence: public-record; interpretation: other; as of: 2026-10-07. No individual home deed closing is confirmed as of October 7, 2026. The county index ran through September 24, 2026, so this is not proof that no closing occurred. Sources: - Records reviewed through October 7, 2026 (2026-10-07; unverified-lead): https://lakefrontokeechobee.com/sources/#research-brief --- ## eb5-fully-subscribed-statement Citation: https://lakefrontokeechobee.com/claims/#eb5-fully-subscribed-statement Evidence: company-statement; interpretation: other; as of: 2026-09-01. EB5 United's project-status page described Lakefront as fully subscribed, closed to new investors, and the raise complete as of its September 2026 project status. That page did not state an exact final dollar total. A sponsor's "fully subscribed" statement is not an audited subscription total. Sources: - EB5 United projects status page (2026-09-01; company-statement): https://www.eb5united.com/projects/ --- ## More than $800 million claimed Citation: https://lakefrontokeechobee.com/claims/#grant-800 Evidence: public-record; interpretation: other; as of: 2025-12-10. A December 2025 government grant application claims more than $800 million in combined financing for the overall development. The filing does not break that figure down enough to treat it as cash already invested. Not treated as cash already invested. Sources: - Florida Job Growth Grant proposal attributed to Okeechobee Utility Authority (2025-12-10; public-record): https://www.floridajobs.org/docs/default-source/florida-job-growth-grants-proposals/25-26/20251210-okeechobee-utility-authority-inf007_proposal_redacted.pdf?sfvrsn=142a02b0_0 --- ## pivot-role-unknown-amount Citation: https://lakefrontokeechobee.com/claims/#pivot-role-unknown-amount Evidence: company-statement; interpretation: other; as of: 2026-10-07. Public sources reviewed through October 7, 2026 identify Pivot Group as having a marketing role in connection with Lakefront. Those sources do not disclose a Lakefront contract amount or isolate Pivot's compensation. The $33 million combined category is not Pivot Group's fee. Sources: - Records reviewed through October 7, 2026 (2026-10-07; unverified-lead): https://lakefrontokeechobee.com/sources/#research-brief - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document): https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 --- ## cdd-board-member-affiliation-2024 Citation: https://lakefrontokeechobee.com/claims/#cdd-board-member-affiliation-2024 Evidence: official-offering-document; interpretation: other; as of: 2024-09-30. The audit for the fiscal year ended September 30, 2024 reported that all CDD board members at that time were affiliated with Okeechobee Member LLC. Dated governance fact. Not proof of personal ownership of the developer. Sources: - Lakefront Estates CDD audit for the year ended September 30, 2024 (2024-09-30; official-offering-document): https://lakefrontestatescdd.org/wp-content/uploads/2025/06/2024-FINAL-REPORT-LAKEFRONT-ESTATES-CDD.pdf --- ## stedem-sponsor-50 Citation: https://lakefrontokeechobee.com/claims/#stedem-sponsor-50 Evidence: sec-filing; interpretation: ownership; as of: 2026-10-07. An investment-adviser report disclosed that Brad Stedem had 50% ownership of EB-5 United LLC, a sponsor-level business. This is not 50% of EB5 United Okeechobee LLC, not 50% of the Lakefront loan, and not 50% of the project. Sources: - SEC adviser report for Bradford Brennan Stedem (2026-10-07; sec-filing): https://reports.adviserinfo.sec.gov/reports/individual/individual_6577437.pdf --- # Published explainers --- --- title: The $8.99 million CDD bond issue description: Series 2025 bonds actually issued, set beside the larger authorization that was not issued. url: https://lakefrontokeechobee.com/news/cdd-bond-issue/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - cdd-os-2025-12-11 - cdd-budget-fy2027 - cdd-audit-2024 - cdd-site --- # The $8.99 million CDD bond issue Lakefront Estates Community Development District is a Florida special-purpose local government created by Glades County Ordinance No. 2023-7, effective April 18, 2023. It is not the developer's LLC. On December 23, 2025 the district issued Series 2025 special assessment bonds for Assessment Area One in the aggregate principal amount of $8.99 million. Net proceeds reported available to the district for construction or acquisition were $7,748,948.06. U.S. Bank Trust Company, National Association is the trustee, paying agent, and registrar. Special District Services, Inc. is the district manager and dissemination agent. Resolution No. 2023-30, dated December 20, 2023, authorized issuance of not exceeding $132 million. A master methodology used a planning assumption around $135 million. Neither number is debt issued. The fiscal 2026-27 budget, beginning October 1, 2026, is a third set of figures: budgeted revenue of $849,261, including debt assessments of $726,435, and a bond-payment provision of $668,320. Those are budget lines, not bond principal. The audit for the year ended September 30, 2024 reported that all CDD board members at that time were affiliated with Okeechobee Member LLC. That is a dated governance fact. It is not personal ownership of the developer. A bond-validation judgment has been associated with April 22, 2024. The order itself is not summarized here. ## Sources - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Lakefront Estates CDD fiscal year 2026-27 budget (2026-10-01; official-offering-document). https://lakefrontestatescdd.org/wp-content/uploads/2026/04/LFE-Final-Budget-2026-2027.pdf - Lakefront Estates CDD audit for the year ended September 30, 2024 (2024-09-30; official-offering-document). https://lakefrontestatescdd.org/wp-content/uploads/2025/06/2024-FINAL-REPORT-LAKEFRONT-ESTATES-CDD.pdf - Lakefront Estates Community Development District website (2026-10-07; official-offering-document). https://lakefrontestatescdd.org/ Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: The documented LLC ownership structure description: Direct membership in Okeechobee Community Developers LLC is stated at the company level. Personal percentages are not established. url: https://lakefrontokeechobee.com/news/documented-llc-ownership/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - cdd-os-2025-12-11 - cdd-packet-2025-04-09 - sunbiz --- # The documented LLC ownership structure The December 11, 2025 CDD offering document describes Okeechobee Community Developers LLC as the sole landowner and developer at that time. It reports four direct members: - JAM Equities LLC, 50 percent, and sole manager. - Okeechobee LH LLC, 21.25 percent. - Okeechobee Member LLC, 18.75 percent. - Okeechobee SPV Holdings I LLC, 10 percent. Those percentages belong to the LLCs named in the document. They are not restated here as personal shares of Jeff Akerman, Morty Rosenblum, Barry Farkas, Menachem Silber, Jack Klugmann, or anyone else. The public records cited here do not identify the beneficial owners of the three non-JAM member LLCs. That gap is not a finding that an owner is hidden. JAM's manager role is also separate from the other members' economic interests. A 2026 Florida filing identified JAM as manager. Association offices held by individuals are a third category. They do not change this table. Lightstone, Accurate, and RISE appear in project materials as development, developer, or design participants. Only JAM is in the direct membership list with a percentage. Role is not equity. An April 9, 2025 CDD packet is an earlier public showing of the same split. If a later operating agreement or member schedule disagrees, both documents should be shown with their dates rather than averaged. ## Sources - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Lakefront Estates CDD April 9, 2025 regular meeting book (2025-04-09; official-offering-document). https://lakefrontestatescdd.org/wp-content/uploads/2025/04/LFE-2024-04-09-Regular-Board-Meeting-Book-1.pdf - Florida Division of Corporations (Sunbiz) (2026-10-07; public-record). https://search.sunbiz.org/Inquiry/CorporationSearch/ByName Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: Why $15.1 million, $92 million, $200 million, and $400 million are different EB-5 figures description: Form D amount sold, an outstanding balance, a maximum principal, and a future-advance ceiling are not interchangeable. url: https://lakefrontokeechobee.com/news/eb5-figures-are-different-metrics/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - sec-form-d-fund-i - sec-form-d-fund-ii - cdd-os-2025-12-11 - mortgage-2025-12-31 - eb5-united-status - primary-capital --- # Why $15.1 million, $92 million, $200 million, and $400 million are different EB-5 figures Four numbers show up in Lakefront EB-5 discussions because they measure different things on different dates. The October 24, 2023 Form D for EB5 United Okeechobee LLC reports $10.45 million sold, against a $100 million offering size. The August 26, 2025 Form D for EB5 United Okeechobee II LLC reports $4,650,100 sold, against another $100 million offering size. Adding those two snapshots produces $15,100,100. That sum is derived from two filings. It is not the final amount raised, and an earlier approximate $55 million "raised" note has been withdrawn because those filings do not support it. The December 11, 2025 offering document reports about $92 million outstanding on November 26, 2025 to the two EB-5 lenders collectively. Outstanding principal is not amount sold. The December 31, 2025 recorded mortgage identifies a $58,175,000 EB-5 note being consolidated with a $19,461,366.93 construction balance, and it sets a new maximum principal of $200 million. The $92 million figure and the $58.175 million figure measure different things on different dates, so both stay on the page. The same instrument contains a future-advance ceiling of up to $400 million. That ceiling is not money lent. A September 2026 sponsor page described the raise as fully subscribed and did not state an exact dollar total. A sponsor's status line is a company statement, not an audited subscription ledger. Primary Capital pages that list the offerings as closed, each with a $100 million target, are also company statements. Closed and target are not disbursements to the developer. ## Sources - SEC Form D, EB5 United Okeechobee LLC (2023-10-24; sec-filing). https://www.sec.gov/Archives/edgar/data/1997576/000199757623000001/xslFormDX01/primary_doc.xml - SEC Form D, EB5 United Okeechobee II LLC (2025-08-26; sec-filing). https://www.sec.gov/Archives/edgar/data/2076158/000207615825000001/xslFormDX08/primary_doc.xml - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record). Instrument 202622000044, Official Records Book 422, Page 247 https://www.myfloridacounty.com/orisearch/22 - EB5 United projects status page (2026-09-01; company-statement). https://www.eb5united.com/projects/ - Primary Capital closed transactions (2026-04-01; company-statement). https://www.primaryllc.com/closed-transactions Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: Lakefront home closings tracker description: Recorded deeds, listing status, and developer-reported contracts are three different counts. url: https://lakefrontokeechobee.com/news/home-closings-tracker/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - research-brief - cdd-os-2025-12-11 - listing-rashi-1821-coldwell - listing-rashi-1821-raveis - listing-rashi-1889 - listing-rashi-1924 - listing-rashi-1906 - listing-herzog-1389-raveis - listing-sr78-28020 --- # Lakefront home closings tracker The closings page counts recorded deeds from the developer. As of October 7, 2026, that ledger has no confirmed individual home deed. The Glades County index was verified only through September 24, 2026. The empty ledger is not a finding that no closing occurred. Six Lakefront listings were on public pages reviewed through October 7, 2026. The asking prices are $703,000, $914,000, $625,000, $625,000, $890,000, and $632,950. Three were under contract. One, 28020 State Road 78, was shown as active. Two, 1821 Rashi Drive and 1906 Rashi Drive, had conflicting feeds, so both statuses are shown. Buyer names are omitted. Separately, the December 2025 offering document says about 15 homes were reported sold by November 2025 at an average price of $560,000, with about $325,000 of deposits received. The same generation of documents expected closings to begin around May 2026. Those 15 are developer-reported contracts, not deeds, and they are not copied into the closings ledger. Monitoring starts with the grantor name Okeechobee Community Developers LLC, the legal description, lot and parcel identifiers, and partial releases from the project mortgage. A partial release can be a signal. It is not itself the deed. ## Sources - Records reviewed through October 7, 2026 (2026-10-07; unverified-lead). https://lakefrontokeechobee.com/sources/#research-brief - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - 1821 Rashi Drive listing, MLS B26076719, Coldwell Banker (2026-10-07; secondary-report). https://www.coldwellbanker.com/fl/okeechobee/1821-rashi-dr/lid-P00800000HHMuce36x9EcyACHpih5ELnFiZG7D8f - 1821 Rashi Drive listing, MLS B26076719, William Raveis (2026-10-07; secondary-report). https://www.raveis.com/prop/B26076719/1821-rashi-drive-okeechobee-fl-34974 - 1889 Rashi Drive S listing, MLS B26081703 (2026-10-02; secondary-report). https://www.bexrealty.com/FL/Okeechobee/1889-rashi-drive/home/B26081703 - 1924 Rashi Drive listing, MLS B26082600 (2026-10-02; secondary-report). https://www.bexrealty.com/FL/Okeechobee/1924-rashi-drive/home/B26082600 - 1906 Rashi Drive listing, MLS B26081701 (2026-09-29; secondary-report). https://www.bexrealty.com/FL/Okeechobee/1906-rashi-drive/home/B26081701 - 1389 Herzog Drive listing, MLS B26081869, William Raveis (2026-10-07; secondary-report). https://www.raveis.com/prop/B26081869/1389-herzog-drive-out-of-area-fl-34974 - 28020 Florida 78 listing, MLS B26077013 (2026-10-07; secondary-report). https://pureequity.us/listings/28020-florida-78-okeechobee-b26077013 Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: What public sources disclose about Lakefront marketing description: Marketing is inside a combined $33 million category. A contract amount is not established. url: https://lakefrontokeechobee.com/news/marketing-disclosures/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - cdd-os-2025-12-11 - research-brief --- # What public sources disclose about Lakefront marketing The December 2025 offering document reports approximately $33 million, as of October 2025, in one category made up of architecture and engineering, consulting, marketing, and financing costs. It does not isolate marketing. Public records through October 7, 2026 identify Pivot Group as having a marketing role connected with Lakefront. They do not disclose a contract amount. That missing amount is an open question. It is not a basis for estimating a fee from the $33 million category. Anything that would answer the question has to be a real document: a contract, a change order, an invoice, a ledger, or an exhibit that is actually public or otherwise lawful to publish. A leaked copy would not be posted automatically. This page does not rate advertising, does not classify buyers, and does not describe any person as having received a stated sum. ## Sources - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Records reviewed through October 7, 2026 (2026-10-07; unverified-lead). https://lakefrontokeechobee.com/sources/#research-brief Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: Named participants and the roles public sources support description: Role profiles for people named in Lakefront filings, without personal ownership percentages or wealth estimates. url: https://lakefrontokeechobee.com/news/named-participants-and-roles/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - cdd-os-2025-12-11 - mortgage-2025-12-31 - sunbiz - adviserinfo-stedem - listing-rashi-1821-coldwell - listing-sr78-28020 --- # Named participants and the roles public sources support The people pages on this site are role profiles. A few distinctions cover most of the risk of overstating them. Jeff Akerman is associated with JAM Equities, signed the December 31, 2025 mortgage for the developer through JAM as manager, founded RISE Architecture, and appears as an association officer. None of those records states that he personally owns 50 percent of the project or states a dollar amount he invested. Morty Rosenblum is associated with JAM in the offering-document biography, which also refers to a company property portfolio over $600 million and to Norman's Dairy. The portfolio figure is not personal net worth and is not a Lakefront investment. Barry Farkas and Menachem Silber are associated with Lightstone. Menachem Silber, also referred to as Mike Silber in project sources, is vice president of two associations in September 2026 filings. Personal capital contributions are not established. Company development totals in the Lightstone biography are not personal wealth. Jack Klugmann is associated with Accurate's project-developer description. No membership percentage is established. Association filings also name Shimon Greenebaum and Yisroel Morgenstern in a May 2026 officer list that the September amendment replaced, and they name Yidel Perlstein as president in September. Brad Stedem's adviser report disclosed 50 percent ownership of EB-5 United LLC, the sponsor business. That disclosure is not 50 percent of the project-specific funds, the loan, or the developer. Scott Fuller's executive role on the sponsor side is likewise not personal funding of the loan. Eliezer Melamed appears as the listing agent on Rashi Drive listings reviewed in October 2026, and on the 28020 State Road 78 listing. A listing is not a closing, and the agent is not a developer member on this record. ## Sources - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record). Instrument 202622000044, Official Records Book 422, Page 247 https://www.myfloridacounty.com/orisearch/22 - Florida Division of Corporations (Sunbiz) (2026-10-07; public-record). https://search.sunbiz.org/Inquiry/CorporationSearch/ByName - SEC adviser report for Bradford Brennan Stedem (2026-10-07; sec-filing). https://reports.adviserinfo.sec.gov/reports/individual/individual_6577437.pdf - 1821 Rashi Drive listing, MLS B26076719, Coldwell Banker (2026-10-07; secondary-report). https://www.coldwellbanker.com/fl/okeechobee/1821-rashi-dr/lid-P00800000HHMuce36x9EcyACHpih5ELnFiZG7D8f - 28020 Florida 78 listing, MLS B26077013 (2026-10-07; secondary-report). https://pureequity.us/listings/28020-florida-78-okeechobee-b26077013 Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: "Project roles: JAM, Lightstone, Accurate, and RISE" description: Four names that appear in Lakefront materials do not share one ownership status. url: https://lakefrontokeechobee.com/news/project-roles-jam-lightstone-accurate-rise/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - cdd-os-2025-12-11 - eb5-united-project - grant-application-2025-12-10 --- # Project roles: JAM, Lightstone, Accurate, and RISE Readers often meet four company names at once. The offering document does not give them the same relationship to the landowner. JAM Equities LLC is the 50 percent direct member and the sole manager of Okeechobee Community Developers LLC. Jeff Akerman and Morty Rosenblum are associated with JAM in that document. The 50 percent is the LLC's membership interest. Lightstone is described as a development participant associated with Barry Farkas and Mike Silber. Company unit counts and values in that biography are firm figures, not personal net worth. No direct membership percentage for Lightstone is established. Lakefront and EB-5 materials name Accurate as a project developer, with Jack Klugmann associated with that business. Which member LLC, if any, corresponds to Accurate is not established. The 21.25, 18.75, and 10 percent interests are not assigned to Accurate. RISE Architecture is associated with concept, master planning, and design, including roles described for Jeff Akerman, Shimon Greenebaum, and Dubi Blasberg. A design role does not create a separate line in the membership table. Yidel Perlstein is a different kind of record: a December 2025 government filing identifies him as Director of Development and Construction for the developer. That title is an office, not a membership percentage. Amboy is connected to the construction side through that association. An executed contract would be required to describe Amboy as general contractor for every component. ## Sources - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - EB5 United Lakefront project page (2026-09-01; company-statement). https://www.eb5united.com/projects/lakefront-estates-and-villas/ - Florida Job Growth Grant proposal attributed to Okeechobee Utility Authority (2025-12-10; public-record). https://www.floridajobs.org/docs/default-source/florida-job-growth-grants-proposals/25-26/20251210-okeechobee-utility-authority-inf007_proposal_redacted.pdf?sfvrsn=142a02b0_0 Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: What public filings report about project spending description: October 2025 developer-reported categories, including a combined soft-cost bucket that is not marketing alone. url: https://lakefrontokeechobee.com/news/public-filings-project-spending/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - cdd-os-2025-12-11 - engineer-2024-02 --- # What public filings report about project spending As of October 2025, the December offering document reports approximately: - $34.59 million to $35 million for land development. - $18 million for vertical construction. - $3.5 million for general conditions. - $33 million for architecture and engineering, consulting, marketing, and financing together. The last line is one category. The offering document does not state the marketing component. No portion of it is assigned to a vendor. Adding the midpoints is not labeled as total project spending. The source is not treated as proof that the categories are exhaustive or non-overlapping. Separate from spending-to-date, February 2024 engineer materials estimate capital improvements at $121,548,650 including contingency, describe a pre-contingency total around $110.5 million, and include another exhibit at $119,776,493. Those are estimates from different tables. The Series 2025 Assessment Area One estimate is stated at $28,560,055. The line items in that table do not add up to the stated total, so both figures are shown. Land acquisition in the December 2025 offering document is about $13.9 million, of which about $3.5 million was attributed to Assessment Area One. An earlier $8.9 million figure is superseded. The recorded deed's stated consideration has not been separately confirmed. ## Sources - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Master engineer's report and capital-improvement methodology, February 2024 (2024-02-01; official-offering-document). https://lakefrontokeechobee.com/sources/#engineer-2024-02 Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: What public records show about Lakefront financing description: Developer equity, construction debt, EB-5 loans, deposits, and CDD bonds are separate layers. The share of each in the whole project is not established. url: https://lakefrontokeechobee.com/news/public-records-financing/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - cdd-os-2025-12-11 - mortgage-2025-12-31 - cdd-site - grant-application-2025-12-10 --- # What public records show about Lakefront financing Lakefront is financed through several layers rather than one pot of money. The December 2025 offering document describes developer equity as part of the land purchase, without stating a current total of equity contributed. It reports a construction loan around $20 million outstanding in October 2025, at 9.99 percent, with maturity then stated as January 21, 2026. A later recorded mortgage identifies a construction balance of $19,461,366.93 being consolidated. The same offering document reports a collective EB-5 loan of about $92 million outstanding on November 26, 2025, from EB-5 United Okeechobee LLC and EB-5 United Okeechobee II LLC, against a $200 million maximum principal. Maximum principal is the contractual ceiling. It is not a statement that $200 million had been disbursed. Buyer deposits are a separate reported figure: about $325,000 received as of November 2025, tied to contracts that called for about $25,000 each. That is not a current deposit total. The district's own debt is different again. Series 2025 special assessment bonds were issued at $8.99 million on December 23, 2025. A 2023 resolution authorized not exceeding $132 million. Authorization is not issuance. EB-5 is one of the largest documented private-debt sources. The percentage of the development's total capital supplied by EB-5 cannot yet be calculated, because equity and the other layers are not fully disclosed. A grant application claim of more than $800 million in combined financing is not treated as cash already invested. This page is a report of those records. It is not an offer to invest and it does not rate any security. ## Sources - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record). Instrument 202622000044, Official Records Book 422, Page 247 https://www.myfloridacounty.com/orisearch/22 - Lakefront Estates Community Development District website (2026-10-07; official-offering-document). https://lakefrontestatescdd.org/ - Florida Job Growth Grant proposal attributed to Okeechobee Utility Authority (2025-12-10; public-record). https://www.floridajobs.org/docs/default-source/florida-job-growth-grants-proposals/25-26/20251210-okeechobee-utility-authority-inf007_proposal_redacted.pdf?sfvrsn=142a02b0_0 Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: "Rashi Drive listings: asking prices, contract status, and recorded closings" description: Four Rashi Drive listing records from October 2026, kept separate from the deed ledger. url: https://lakefrontokeechobee.com/news/rashi-drive-listings/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - listing-rashi-1821-coldwell - listing-rashi-1821-raveis - listing-rashi-1889 - listing-rashi-1924 - listing-rashi-1906 - listing-herzog-1389 - listing-sr78-28020 --- # Rashi Drive listings: asking prices, contract status, and recorded closings Around October 1, 2026, four Rashi Drive addresses were on the market. None is entered as a closing. 1821 Rashi Drive, block 6 lot 16, parcel S34383400100060160, was listed at $703,000. A review on October 1, 2026 recorded it as under contract. On October 7, 2026, Coldwell Banker showed MLS B26076719 as active and William Raveis showed the same number as pending. Those feeds conflict, so the page does not pick one. 1889 Rashi Drive S, block 6 lot 22, parcel S34383400100060220, was listed at $914,000 as MLS B26081703 and shown under contract. 1924 Rashi Drive, block 5 lot 32, parcel S34383400100050320, was listed at $625,000 as MLS B26082600 and shown under contract. 1906 Rashi Drive, block 5 lot 30, parcel S34383400100050300, was listed at $625,000 as MLS B26081701, with one feed active and another showing a seller-accepted offer or pending status. Those feeds conflict, so the page does not pick one. The same review found two more Lakefront listings off Rashi Drive. 1389 Herzog Drive, block 6 lot 31, was listed at $890,000 as MLS B26081869 and shown under contract. 28020 State Road 78, listed as 28020 Florida 78, was listed at $632,950 as MLS B26077013 and shown active. That page does not state a lot or parcel. The listing agent named on the Rashi Drive rows and on 28020 State Road 78 was Eliezer Melamed of Florida Homes Realty & Mortgage. Listing text and photographs are not republished. Buyer names are omitted from the public table. A recorded deed would move an address into the closings ledger, with instrument number, book and page, and consideration. Until that instrument is in the Glades County record and checked against the index lag, the asking price stays an asking price. ## Sources - 1821 Rashi Drive listing, MLS B26076719, Coldwell Banker (2026-10-07; secondary-report). https://www.coldwellbanker.com/fl/okeechobee/1821-rashi-dr/lid-P00800000HHMuce36x9EcyACHpih5ELnFiZG7D8f - 1821 Rashi Drive listing, MLS B26076719, William Raveis (2026-10-07; secondary-report). https://www.raveis.com/prop/B26076719/1821-rashi-drive-okeechobee-fl-34974 - 1889 Rashi Drive S listing, MLS B26081703 (2026-10-02; secondary-report). https://www.bexrealty.com/FL/Okeechobee/1889-rashi-drive/home/B26081703 - 1924 Rashi Drive listing, MLS B26082600 (2026-10-02; secondary-report). https://www.bexrealty.com/FL/Okeechobee/1924-rashi-drive/home/B26082600 - 1906 Rashi Drive listing, MLS B26081701 (2026-09-29; secondary-report). https://www.bexrealty.com/FL/Okeechobee/1906-rashi-drive/home/B26081701 - 1389 Herzog Drive listing, MLS B26081869 (2026-10-02; secondary-report). https://www.bexrealty.com/FL/Okeechobee/1389-herzog-drive/home/B26081869 - 28020 Florida 78 listing, MLS B26077013 (2026-10-07; secondary-report). https://pureequity.us/listings/28020-florida-78-okeechobee-b26077013 Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: From the G. Harvey Project to the current record description: A sourced chronology of rezoning, the land sale, the district, financing, and association filings. url: https://lakefrontokeechobee.com/news/timeline-g-harvey-to-current-record/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - ordinance-context - cdd-os-2025-12-11 - sec-form-d-fund-i - sec-form-d-fund-ii - engineer-2024-02 - mortgage-2025-12-31 - sunbiz --- # From the G. Harvey Project to the current record In 2020 the land-use record still used the name G. Harvey Project. Glades County approved a Planned Development rezoning by Ordinance No. 2020-3 on February 11, 2020, and entered a development agreement with then-owner Glenn Harvey on May 12, 2020. Okeechobee Community Developers LLC was formed on October 28, 2021. On November 9, 2021 the project property was sold to that company. The December 2025 CDD offering document states an acquisition cost of about $13.9 million for the roughly 525 acres, partly equity and partly purchase-money mortgages later satisfied. About $3.5 million of the price was attributed to Assessment Area One. The recorded deed's stated consideration has not been separately confirmed. An earlier $8.9 million figure is not the figure this site uses. Glades County approved rezoning RZ22-02 on January 10, 2023, and created the community development district by Ordinance No. 2023-7, effective April 18, 2023. A new development agreement with the developer is dated July 13, 2023. Land development for Assessment Area One was reported to have started in May 2023. The financing chronology then splits into an EB-5 Form D in October 2023, a $132 million bond authorization in December 2023, 2024 engineering estimates, a 2024 construction loan, 2025 Form D and offering-document balances, the $8.99 million bond issue, and the December 31, 2025 mortgage consolidation recorded on January 6, 2026. September 2026 is an association story, not an ownership story. Lakefront Community Association, Inc. amended its officers on September 16, and Lakefront Estates Neighborhood Association, Inc. incorporated on September 22. The timeline page carries the dates, the status labels, and the sources. ## Sources - Glades County ordinance and development-agreement records cited in later CDD materials (2020-02-11; public-record). https://gladesclerk.com/online-services/records-search/ - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - SEC Form D, EB5 United Okeechobee LLC (2023-10-24; sec-filing). https://www.sec.gov/Archives/edgar/data/1997576/000199757623000001/xslFormDX01/primary_doc.xml - SEC Form D, EB5 United Okeechobee II LLC (2025-08-26; sec-filing). https://www.sec.gov/Archives/edgar/data/2076158/000207615825000001/xslFormDX08/primary_doc.xml - Master engineer's report and capital-improvement methodology, February 2024 (2024-02-01; official-offering-document). https://lakefrontokeechobee.com/sources/#engineer-2024-02 - Second Amended and Restated Construction Mortgage, recorded January 6, 2026 (2025-12-31; public-record). Instrument 202622000044, Official Records Book 422, Page 247 https://www.myfloridacounty.com/orisearch/22 - Florida Division of Corporations (Sunbiz) (2026-10-07; public-record). https://search.sunbiz.org/Inquiry/CorporationSearch/ByName Independent, unofficial reporting. https://lakefrontokeechobee.com/about/ --- --- title: What the Lakefront Estates Community Development District is description: The district is a special-purpose local government created by Glades County, separate from the developer LLC. url: https://lakefrontokeechobee.com/news/what-the-cdd-is/ author: Lakefront Okeechobee Report published: 2026-10-07 source_ids: - cdd-os-2025-12-11 - cdd-site - cdd-budget-fy2027 - cdd-audit-2024 --- # What the Lakefront Estates Community Development District is A community development district is a unit of special-purpose local government under Florida's Chapter 190 framework. Lakefront Estates CDD was created by Glades County Ordinance No. 2023-7. The ordinance was enacted April 11, 2023 and became effective April 18, 2023. The district can finance and manage certain public improvements, levy assessments, adopt budgets, and issue bonds. Those powers belong to the district. They are not the same as the developer's ownership of the land. Okeechobee Community Developers LLC remains the company the offering document calls the landowner and developer. The district's website, meeting packets, budgets, and audits are primary places to update this record. The Series 2025 bonds, the fiscal 2026-27 budget, and the 2024 audit are summarized on the CDD bonds page with their own dates. Board membership should be taken from the current agenda or Sunbiz-equivalent district record, not from a stale snippet. The 2024 audit's statement that board members were then affiliated with Okeechobee Member LLC stays dated to that audit. ## Sources - Lakefront Estates CDD Limited Offering Memorandum / Official Statement (2025-12-11; official-offering-document). https://lakefrontokeechobee.com/sources/#cdd-os-2025-12-11 - Lakefront Estates Community Development District website (2026-10-07; official-offering-document). https://lakefrontestatescdd.org/ - Lakefront Estates CDD fiscal year 2026-27 budget (2026-10-01; official-offering-document). https://lakefrontestatescdd.org/wp-content/uploads/2026/04/LFE-Final-Budget-2026-2027.pdf - Lakefront Estates CDD audit for the year ended September 30, 2024 (2024-09-30; official-offering-document). https://lakefrontestatescdd.org/wp-content/uploads/2025/06/2024-FINAL-REPORT-LAKEFRONT-ESTATES-CDD.pdf Independent, unofficial reporting. https://lakefrontokeechobee.com/about/