FORT LAUDERDALE, FL – Trez Forman Capital Group has completed a $17 million construction loan for the high-end 30 Thirty North Ocean boutique condominium project in Fort Lauderdale Beach. The borrower is 30 Thirty North Ocean Blvd LLC, an entity tied to project developer Cavache Properties.
For Trez Forman, 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, the 30 Thirty North Ocean transaction continues the momentum from a first quarter highlighted by more than $200 million in completed deals. The venture is projected to close more than $400 million in deals in 2018.
The 30 Thirty North Ocean construction loan closed on April 20. Project plans include 24 designer-ready residences. Site work on the project is underway.
“We are thrilled to expand on our recent Fort Lauderdale activity with the 30 Thirty North Ocean project,” said Brett Forman, President and CEO of Trez Forman. “The Fort Lauderdale Beach neighborhood has come into its own as a residential destination. With 30 Thirty North Ocean, Cavache is developing a boutique product of the highest quality in the neighborhood.”
Forman arranged the deal on behalf of Trez Forman. Adam Adache of Adache Real Estate represented the borrower in the transaction.
In February, Trez Forman closed an $85 million construction loan to a Fort Lauderdale joint venture that plans to develop 4 West Las Olas, a riverfront 260-unit luxury rental project with approximately 12,000 square feet of retail and 387 parking spaces.
Based in Pompano Beach, Cavache is comprised of well-known and seasoned management, board members and investors who have collectively developed over $2.5 billion in commercial and residential real estate, representing over 5,000 residential units and millions of square feet of office and retail space.
Trez Forman provides commercial bridge loans for development and construction and senior stretch financing starting at $5 million. It also offers private and institutional investors equity investment opportunities in a variety of funds and assets.
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