Trez Forman Continues Carolinas Push With $42M Loan
The transaction in Huntersville, which closed on July 5, is the largest financing deal for Trez Forman in North Carolina this year. So far in 2018, Trez Forman has lent approximately $98 million in construction and acquisition financing for North Carolina residential projects.
HUNTERSVILLE, NC—Palm Beach, FL-based Trez Forman reports it has closed on its fourth financing deal in North Carolina this year, a $42-million construction loan for the 297-unit multifamily development in this Charlotte suburb,.
The transaction in Huntersville, which closed on July 5, is the largest financing deal for Trez Forman in North Carolina this year. So far in 2018, Trez Forman has lent approximately $98 million in construction and acquisition financing for North Carolina residential projects.
The borrower— Caldwell Station NC, LLC—is developing a Class A-20-building project that will feature mostly garden-style apartments, mixed with some for-rent townhomes. Trez Forman president and CEO Brett Forman arranged the transaction. The development will also include 371 parking spaces and a host of amenities, including a resort-style saltwater pool, clubhouse, fitness/cardio studio, lounge area and dog park.
The 17355 Old Statesville Road project site is located near the Northcross Shopping Center, which is home to Harris Teeter, HomeGoods, Lowe’s Home Improvement, Petco, Staples and many other retailers.
“It is exciting to continue our Carolinas activity with this Huntersville transaction,” Forman says. “This is a suburban submarket with a strong appetite for Class A apartment product. We continue to target similar opportunities in the region.”
In February, a developer borrowed $35 million from Trez Forman to develop a mixed-use project in Wilmington. In May, Trez Forman closed on a $17.24-million loan for the acquisition of a 138-acre residential development site in the Raleigh-Durham-Chapel Hill metro area. Around the same time, the lender completed a $2.5-million acquisition loan for a 195-acre residential development site in Surf City, NC.
Trez Forman, a joint venture formed in 2016 by Boynton Beach-based Forman Capital and Vancouver-based Trez Capital Group, completed more than $200 million in financial deals in the first quarter. Company officials state the venture is on track to close more than $500 million in deals in 2018.