Saturday, February 23, 2019

Trez Forman Closes $20.8 Million Loan for Large Residential Development near Wilmington, NC


Brett Forman
Wilmington, NC and Palm Beach, FL –Trez Forman Capital Group has completed a $20.8 million loan for a significant single-family residential development on 158 acres in Surf City near Wilmington, N.C.

The financing pays off an existing $2.5 million land loan provided to the borrower byTrez Forman and covers land development costs for 415 single-family lots.

The transaction closed on February 15. Trez Forman President and CEO Brett Forman arranged the transaction.



Major homebuilder DR Horton has a contract to purchased 170 of the single-family lots from the borrower, who plans to secure a buyer for the remaining 245 lots.

The site is located at the intersection of Belt Road and NC Highway 50. It is conveniently positioned near a new Publix, 1.5 miles from the beach, with access provided by a new 3,600-foot bridge that opened in December 2018.

The master-planned community will be known as Waterside.

CONTACT:

Eric Kalis
Vice President, BoardroomPR
O 954-370-8999
C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road


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