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| Brett Forman |
BOYNTON BEACH, FL and PHILADELPHIA, PA –– Florida-based
Trez Forman Capital Group has completed a $6.75 million loan for a developer
planning to build a mixed-use project located in an emerging section of
Philadelphia, Pa.
Ryan Howard of Trez Forman originated
the loan, which closed on Friday, January 12.
This is the first time Trez Forman has done business in the state of
Pennsylvania.
The borrower, Gagandeep Lakhmna of 1413 Germantown, LLC,
plans on developing a 6-story, 50-unit mid-rise apartment building with 5,500
square feet of ground-floor commercial space on a 14,625-square-foot site at
1413 Germantown Ave. The project will be targeted towards the millennial
generation.
With smaller residential units close to mass transit hubs
and major employers, the development will offer a walkable, urban living
experience at a better price point than downtown Philadelphia corridor. The development will also offer some garage
parking, a fitness center, bicycle storage, and a full amenity package.
“We are always excited to work with borrowers on deals in
emerging neighborhoods,” said Brett
Forman, President and CEO of Trez Forman. “The young professional population
is going to respond to the value proposition and amenities this rental project
will offer.”
Trez Forman is a joint venture formed in 2016 by Palm
Beach-based Forman Capital and Vancouver-based Trez Capital Group - one of
Canada’s largest private commercial mortgage lenders. It provides commercial
bridge loans for development and construction and senior stretch financing
starting at $5 million.
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| Ryan Howard |
In December 2017, Trez Forman 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, Florida.
That transaction followed the company giving 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.
For more
information on this release, please contact:
Todd Templin and Eric Kalis
954-370-8999
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