“Tampa's multifamily market is fundamentally sound and one of the top annual rent-growth metros in the nation. A booming economy and robust population gains have consistently fueled strong multifamily demand,” says Forman. “With employment growth far outpacing the national average and future job projections expected to remain elevated, multifamily demand should remain high.”

The borrower will build three-story units of one, two or three bedrooms with attached garages. Funding will enable the company to buy the property and produce construction plans and drawings, according to Trez Forman.

Trez Forman has been active in the Tampa Bay MSA over the past year. In October 2018, it provided at $13.5-million loan for the acquisition and development of 140 acres of entitled land near Bradenton slated for 417 single-family homes. In December 2018, the company loaned $19 million to a developer to acquire 279 acres in Lakewood Ranch for a new 675-single-family home project.