PALM BEACH Beach, FL – Florida-based Trez Forman Capital Group has completed a $17.24 million loan that will be used to fund the purchase of a 138-acre parcel in Hillsborough, North Carolina, just outside of Durham and Chapel Hill. The borrower has plans to develop a master-planned community called Collins Ridge off of I-85 near South Churton and Orange Grove streets. Most of the development will take place on 125 acres north of the highway.
The borrower is Collins Ridge Landco, LLC. Brett Forman originated the loan for Trez Forman.
“Hillsborough is an established residential town that has seen strong sales activity on new master-planned communities recently,” said Forman, CEO of Trez Forman. “Based on that, and its proximity to employment centers in the Raleigh-Durham metro area, we feel like this project has a lot of potential for success.”
Plans call for 880 residential units including 322 townhomes, 238 single-family homes and a 320-unit apartment community. A national homebuilder already has a contract to purchase the single-family and townhome sites, which also made the deal appealing to the lender.
This is Trez Forman’s third loan completed in North Carolina this year. In February, East West Partners of Chapel Hill borrowed $35 million to develop a mixed-use project in Wilmington, NC called River Place. More recently, Trez Forman funded a $2.5 million loan for residential lot development nearby in Surf City.
Trez Forman is a joint venture formed in 2016 by Palm Beach, Florida-based Forman Capital and Vancouver-based Trez Capital Group - one of Canada’s largest private commercial mortgage lenders. The firm 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.
Since the start of the year, it has closed nearly $250 million in commercial loans and expects to double that output by the end of 2018.
About Trez Forman Capital Group: 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 Brett Forman’s mortgage lending firm, Forman Capital, and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders. For more information, visit www.trezforman.com