BOYNTON BEACH, FL - Trez Forman Capital has completed a $17.71 million transaction that provides third and fourth mortgage financing to a portfolio of more than 10 residential developments in Florida, Louisiana and North Carolina. All but one of the projects are completely pre-sold to major homebuilder DR Horton.
The transaction was structured as a multi-tranche blanket mortgage. Trez Forman had first mortgages on each of the existing projects before the latest deal.
In all, the financing covers 1,615 acres, land for 4,237 single-family lots, 400 apartments and two commercial properties.
Trez Forman President and CEO Brett D. Forman arranged the loan.
The new financing is to be used to buy out a partner, supply working capital for the borrower and provide equity for future projects.
Development sites in the portfolio include:
Waterside, a master-planned community in Surf City near Wilmington, N.C.
Collins Ridge, a large-scale community with plans for 880 residential units in Hillsborough, N.C.
Evergreen, a Bradenton, Fla. site entitled for the development of 417 single-family homes
Solera, a 279-acre community approved for 675 single-family homes also in Bradenton
“This transaction underscores our nimble and creative approach,” Forman said. “Trez Forman is committed to relationship lending, so working with our borrower is important to us. We are bullish about the developments secured by this transaction, as evidenced by our prior role as first mortgage lender for each project.”
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 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