MIAMI, FL — Trez Forman Capital funded a $13.2 million construction loan for the developer of a boutique luxury condominium project in the Coconut Grove section of Miami.
The 5-story, 23-residence GlassHaus is being co-developed by Brazilian-based G.D8, led by Daniel Ribeiro, and Element Development LLC, a Miami-based company headed up by Javier Lluch.
More than half of the units have been presold and construction is underway. The loan will provide the developers with enough capital to finish the building, which is located on a half-acre site at 3156 SW 27th Ave. near popular retail and dining and entertainment venues.
The borrower is West Townhomes, LLC. Trez Forman President/CEO Brett Forman originated the loan, which closed on July 16, 2019.
“This is a premier project being developed by two groups that have a strong track record,” said Forman. “We are very confident in their ability to execute on their plan to deliver a first-class building that is a perfect fit for the Grove.”
GlassHaus features a minimalistic design with a clean, elegant style that invites natural light in. The building has between one and three-bedroom residences ranging in size from just over 1,000 square feet to 2,953 square feet. Each unit has 11-foot finished ceilings and floor-to-ceiling glass windows, porcelain flooring options as well as European-designed kitchens with Bosch-brand appliances.
The building features a reception lobby with a living garden wall and covered secured parking with charging stations. Resort style amenities include a rooftop pool and summer kitchen, a fitness center adjacent to Zen garden and electric bicycles for residents to use.
Unit prices range from $853,221 to $1.578 million.
This is the second new construction project Trez Forman has funded in Coconut Grove. Earlier this year, the private commercial real estate lender closed on a $21 million construction loan for the 52-unit Arbor located at 3434 Oak Avenue.
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. Trez Forman has funded nearly $1 billion in loans since inception. 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