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| Brett Forman |
Palm Beach, FL and Hillsborough, NC, Sept. 5, 2018 –Trez Forman Capital Group has
completed a $16.64 million loan for the acquisition of 57.39 acres in
Hillsborough, North Carolina, just outside of Durham and Chapel Hill.
The Daniel Boone Street site includes two existing retail
centers and has the capacity for substantial additional mixed-use commercial
real estate development.
Daniel Boone Landco, LLC is the borrower. The transaction follows a $17.24
million loan Trez Forman funded for the purchase of a 138-acre Hillsborough
parcel – Collins Ridge- by the same borrower in May.
Trez Forman President and CEO Brett Forman arranged the
Daniel Boone Street transaction, which closed on Sept. 4.
The Daniel Boone Road site is located just north of Exit 164, also known
as Churton Street, on I-85. The borrower plans to bring in a partner and
evaluate whether to develop or sell individual parcels to interested parties.
This is the sixth loan that Trez Forman has made in North Carolina this
year as part of its efforts to increase its presence in the Carolinas.
In February, a developer borrowed $35 million from the lender to develop a
mixed-use project in Wilmington. In May, the lender completed a $2.5
million acquisition loan for a 195-acre residential development site in Surf
City.
On July 6, Trez Forman closed a $42 million construction loan for a
large-scale residential development in the Charlotte, N.C. suburb of
Huntersville.
“It is exciting to continue our Carolinas activity and expand our
relationship with this particular borrower,” said Forman. “We have no plans to
slow down our search for similar opportunities in the region.”
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