WILMINGTON, NC – Florida-based Trez Forman Capital Group has completed a $35 million loan for a developer who is building a highly anticipated mixed-use project on the Cape Fear River in downtown Wilmington, N.C. The loan, which closed Friday, January 19, 2018, was originated by Trez Forman’s Ryan Howard.
East West Partners of Chapel Hill, N.C. is developing River Place, a 13-story project consisting of 92 luxury condominium residences, 79 luxury rental apartments and 32,000 square feet of retail space. It is the central component of a $70 million-plus redevelopment of a municipal parking deck with a new 400-space parking garage.
Located at 200 North Water Street, River Place is close to landmark dining, shopping and cultural activities. Within a short walk, residents will have easy access to popular restaurants, cafes and nightlife, boutique retail shops, an upscale grocery store and marina.
“We are pleased to finance construction of this incredible project backed by an experienced development company that has a track record of delivering quality real estate projects throughout the state,” said Brett Forman, President and CEO of Trez Forman. “We look forward to seeing the vision for this project come to fruition.”
The project features an array of amenities including a rooftop pool, well-equipped fitness center, club room, concierge services and assigned parking in the new garage. Residences will have open-floor plans, high-end finishes, modern kitchen and generous balconies with water views.
Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group - one of Canada’s largest private commercial mortgage lenders. It provides commercial bridge loans for development and construction and senior stretch financing starting at $5 million.
The venture also offers private and institutional investors equity investment opportunities in a variety of funds and assets. This year, Trez Forman expects to originate more than $300 million worth of loans.
About Trez Forman Capital Group: Founded in 2016, Trez Forman Capital is a Florida-based commercial bridge lender for development and construction, senior stretch first mortgages and special situations nationwide. It provides developers and property owners with quick approvals on flexible short to mid-term financing from $5M to $75M. The company also offers private and institutional investors equity investment opportunities in a variety of funds and assets. Trez Forman is a joint venture between Brett Forman’s mortgage lending firm, Forman Capital, and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders. For more information, visit www.trezforman.com