The Trump family is planning to expand its presence in South Florida commercial real estate.
1789 Capital, an investment firm that Donald Trump Jr. joined in November, is partnering with local developer and luxury real estate firm Frisbie Group to launch a fund that will target acquisitions and developments in South Florida, primarily in Palm Beach and Boca Raton.
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Cody Crowell, who leads Frisbie Group with Rob Frisbie Jr., confirmed the partnership Wednesday but declined to comment further. It was first reported by Bloomberg, which cited anonymous sources who said that 1789 Capital had lined up roughly $1B in investor interest for the fund.
Rob Frisbie Jr. declined to comment on the potential partnership in a phone call Wednesday. 1789 Capital didn’t respond to Bisnow’s request for comment.
1789 Capital was founded by Omeed Malik, who has described the company as having an "anti-woke" mission, phrasing popular with President Donald Trump and his supporters.
The company has already determined where some of the capital will be deployed, according to a person familiar with the plans, although they declined to say whether it would be in new or existing developments.
Malik, who co-founded the firm after a stint as a Bank of America executive, was also added to Fannie Mae’s board of directors in April. 1789 Capital’s inaugural fund raised roughly $1.3B, sources told Bloomberg, but the partnership with Frisbie Group will be its first dip into commercial real estate.
1789 Capital is perhaps best known as the company backing the Enhanced Games, an Olympics-like event planned for May 2026 that will allow competitors to use performance enhancing drugs that are banned in most other professional competitions.
It has also invested in online betting platform Polymarket — where Trump Jr. was recently added to the board of directors — defense startups and Elon Musk’s firms, according to Bloomberg.
Mar-a-Lago is the centerpiece of Trump’s South Florida portfolio, which includes the four golf courses at Trump National Doral Miami and Trump International Golf Club in West Palm Beach. Local developer Gil Dezer also built the 813-unit Trump Towers in Sunny Isles Beach more than a decade ago.
In January, the president won approval from the Doral City Council to build 1,498 luxury condos at his golf courses in the city. Plans for a 45K SF office building at the West Palm Beach golf course were also proposed in November.
Trump Jr. and Eric Trump are also leading The Trump Organization and its portfolio of existing and new developments, including a spate of projects announced around the world since their father ascended back to the White House.
Frisbie Group has a long history in the Palm Beach market as a family office, but it has been expanding its presence in the region over the last decade after Rob Frisbie Jr. took the helm and Crowell joined as a partner in 2016.
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