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| Brett Forman |
The borrower, DeLand Development II, LLC,
will use the loan proceeds to build out 141 single-family-home lots that have
all been pre-sold to D.R. Horton.
The Estates at Pelham Square is
being developed in DeLand, a city between Orlando and Daytona Beach. In
the Southeast U.S., Trez Capital has a niche funding development loans for new
residential projects in secondary and tertiary markets, which are in high
demand now.
“Florida has always been a strong market
for residential real estate, but the pandemic has accelerated the trend,”
said Brett Forman, Trez Capital Executive Managing Director,
Eastern U.S. “Out-of-state buyers who can work from home are moving to the
state in droves looking for larger, less crowded spaces and an outdoor
lifestyle.”
Elsewhere in Central Florida, Trez Capital recently announced the successful payoff of an $80 million construction loan for the mixed-use Truist Plaza (f/k/a SunTrust Plaza) project.
The borrower,
Dallas-based developer Lincoln Property Co., developed the 28-story tower with
200,000 square feet of office space, 180 hotel rooms and 5,000 square feet of
retail in downtown Orlando. The September 2017 financing was the lender’s
largest Orlando transaction.
Trez Capital provides short-term debt and equity financing typically between six months and 36 months in term ranging from $5 million to more than $100 million in loan value.
CONTACT:
Todd
Templin
Executive
Vice President
BoardroomPR
O 954-370-8999
C 954-290-0810
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