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| Brett Forman |
Palm Beach, FL and Charlotte, NC – –Trez Forman Capital Group has
closed a $42 million construction loan for a large-scale residential
development in the Charlotte, N.C. suburb of Huntersville.
The borrower plans to develop a Class A,
20-building community with 297 units – mostly garden-style apartments with a
mix of for-rent townhomes.
Trez Forman
President and CEO Brett Forman arranged
the transaction, which closed on July 5. Caldwell
Station NC, LLC is the borrower.
The company’s development will also include 371 parking spaces and
an array of amenities, such as a resort-style saltwater pool, clubhouse,
fitness/cardio studio, lounge area and dog park.
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| Rendering of Planned Residential Project, Huntersville, NC |
The 17355 Old Statesville Road project
site is in close proximity to the Northcross Shopping Center, which is home to
Harris Teeter,Homegoods, Lowe’s Home
Improvement, Petco, Staples and many more retailers. Numerous restaurants and
hotels are only a few minutes away.
This is the fourth 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, 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.
“It is exciting to continue our Carolinas
activity with this Huntersville transaction,” said Forman. “This is a suburban
submarket with a strong appetite for Class A apartment product. We continue to
target similar opportunities in the region.”
For Trez Forman,
a joint venture formed in 2016 by Boynton Beach-based Forman Capital and
Vancouver-based Trez Capital Group -
one of Canada’s largest private commercial mortgage lenders, the latest
activity continues the momentum from a first quarter highlighted by more than
$200 million in completed deals.
The venture is on track to close more
than a half-billion dollars in deals in 2018.
For more information, please contact:
Todd Templin and Eric Kalis
954-370-8999
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