PALM BEACH, FL - Trez Forman Capital closed a $10.8 million loan to a well-known regional home builder to help fund land acquisition and construction of a new residential community called Wesley Point near Greensboro, NC.
Fixed Point Homes, an affiliate of Diamondback Investment Group, is acquiring 112 acres of vacant land at 7529 Doggett Road in Browns Summit. The financing from Trez Forman covers the purchase of the land, lot development and construction of 43 single-family homes. It will be bifurcated into two pieces, an acquisition and development loan followed by a revolving line of credit for the home construction.
Wesley Point will feature three and four-bedroom homes with two-and-a-half or three bathrooms and an average size of 2,800 square feet. Z Real Estate Group is the sales representative for the project.
Brett Forman, CEO of Trez Forman, arranged the financing, which closed on June 20.
The transaction follows the June 5 closing of a $16 million loan to the same borrower for the Huffman Point residential project in Burlington.
“Our client has a tremendous track record developing quality communities in the region, and Wesley Point is poised to continue that tradition of top-tier residential product,” said Forman. “The greater Greensboro area continues to have room for further job growth over the next decade. This transaction further solidifies our commitment to building relationships and expanding our business through satisfied and repeat borrowers.”
Diamondback Investment Group, LLC is a North Carolina-based real estate development company owned and managed by Zach Tran and Hal Kern.
“We are excited about our continued relationship with Trez Forman and look forward to closing our current pipeline of over $400 million with them over the next 18 months,” said Tran.
Palm Beach, Fla.-based 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.
About Trez Forman Capital: Founded in 2016, Trez Forman Capital is a Palm Beach, 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 Palm Beach-based Forman Capital and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders with approximately $3 billion in committed capital. Trez Capital has originated approximately $10 billion in loans since its inception. For more information, visit www.trezforman.com