CHARLOTTE, NC - Trez Forman Capital Group has closed a $42 million construction loan for a large-scale residential development in the Charlotte, N.C. suburb of Huntersville. The borrower plans to develop a Class A, 20-building community with 297 units – mostly garden-style apartments with a mix of for-rent townhomes.
Trez Forman President and CEO Brett Forman arranged the transaction, which closed on July 5.
Caldwell Station NC, LLC is the borrower. The company’s development will also include 371 parking spaces and an array of amenities, such as a resort-style saltwater pool, clubhouse, fitness/cardio studio, lounge area and dog park.
The 17355 Old Statesville Road project site is in close proximity to the Northcross Shopping Center, which is home to Harris Teeter, Homegoods, Lowe’s Home Improvement, Petco, Staples and many more retailers. Numerous restaurants and hotels are only a few minutes away.
This is the fourth loan that Trez Forman has made in North Carolina this year as part of its efforts to increase its presence in the Carolinas.
In February, a developer borrowed $35 million from the lender to develop a mixed-use project in Wilmington. In May, Trez Forman closed on a $17.24 million loan for the acquisition of a 138-acre residential development site in the Raleigh-Durham-Chapel Hill metro area. Around the same time, the lender completed a $2.5 million acquisition loan for a 195-acre residential development site in Surf City.
“It is exciting to continue our Carolinas activity with this Huntersville transaction,” said Forman. “This is a suburban submarket with a strong appetite for Class A apartment product. We continue to target similar opportunities in the region.”
For Trez Forman, a joint venture formed in 2016 by Boynton Beach-based Forman Capital and Vancouver-based Trez Capital Group - one of Canada’s largest private commercial mortgage lenders, the latest activity continues the momentum from a first quarter highlighted by more than $200 million in completed deals. The venture is on track to close more than a half-billion dollars in deals in 2018.
Trez Forman provides commercial bridge loans for development and construction and senior stretch financing starting at about $5 million. It also offers private and institutional investors equity investment opportunities in a variety of funds and assets.