MIAMI—Trez Forman Capital Group completed a $74.8 million construction loan to Dallas-based developer Lincoln Property Co. for the 26-story Church Street Plaza project planned for Downtown Orlando. The transaction brings the lender's 2017 closed transaction volume to more than $220 million.
Church Street Plaza's plans call for 200,000 square feet of new class A office space, a ground-floor restaurant and bar-lounge area to be located on the Sky Terrace—a parking garage with a Grand Central Station-inspired lobby that will connect to the Church Street Station SunRail stop. The project site is located on the northeast corner of South Garland Avenue and West South Street.
“To say the downtown Orlando office market is in a strong position to absorb new development is an understatement,” Brett Forman, president and CEO of Trez Forman, tells GlobeSt.com. “Vacancies are razor thin, as available space has been largely leased up. Population and job growth continues to aggressively rise, and more than $9 billion in new infrastructure construction is in the pipeline to expand the I-4 highway, Orlando's airports and mass transit options.”
Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group. The firm is one of Canada's largest private commercial mortgage lenders. This is the first transaction between the venture and Lincoln. Forman also connected Lincoln executives with their counterparts at Kolter Hospitality, an introduction that resulted in an agreement for Kolter to acquire the 180-room hotel component of Church Street Plaza.
In another significant transaction for the year, the company gave Encore Capital Management a $23.15 million construction loan for the redevelopment of the former Fashion Mall in Plantation into the mixed-use Plantation Walk. All told, Trez Forman is projected to generate more than $300 million in transaction volume in 2018.
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