BRANDON, FL — A multifamily housing developer and repeat borrower has secured a $10 million loan from Trez Forman Capital to acquire and plan for development of a 600-unit apartment community in Brandon, Florida. The property sits less than 1 mile from Westfield Brandon, a regional shopping mall with more than 1 million square feet of stores and restaurants.
The undeveloped property at the northeast corner of South Lakewood Drive and Brandon Parkway will have 600 multifamily units and 75,000 square feet of mixed-use buildings and stores on 55 acres, one of the largest remaining undeveloped parcels in Brandon. The project will be known as the Brandon Town Center.
The loan, which closed July 1, was arranged by Brett D. Forman, president/CEO of Trez Forman. The borrower is Brandon Town Center Development Partners, LLC.
“Tampa's multifamily market is fundamentally sound and one of the top annual rent-growth metros in the nation. A booming economy and robust population gains have consistently fueled strong multifamily demand,” said Forman. “With employment growth far outpacing the national average and future job projections expected to remain elevated, multifamily demand should remain high.”
The borrower, which has a track record of success with multifamily housing, will build three-story units of one, two or three bedrooms with attached garages. Funding will enable the company to buy the property and produce construction plans and drawings.
Trez Forman has been active the Tampa Bay MSA over the past year. In October 2018, it provided at $13.5 million loan for the acquisition and development of 140 acres of entitled land near Bradenton slated for 417 single-family homes. In December 2018, the company loaned $19 million to a developer to acquire 279 acres in Lakewood Ranch for a new 675-single-family home project.
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: 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