 |
| Ben Jacobson (left) and Brett Forman |
The transaction closed on April 25 and Forman is
actively pursuing similar opportunities to purchase and finance existing notes
– in addition to providing short and medium-term construction financing - and
has a robust pipeline of pending deals.
 |
| Lissette Calderon |
“We appreciate our
continued partnership with Ben, Brett and the Forman Capital team,” Calderon
said. “We have a shared passion for enhancing once-overlooked areas of
Miami-Dade County through thoughtful and impactful developments.”
Neology plans a
significant mixed-use development with much-needed attainable housing and
commercial space over three phases. The site is zoned for up to 1,800
residential units.
“This was a great opportunity to acquire a fully
performing loan with a high-quality relationship borrower,” said Jacobson. “It
also puts us in the best possible position to hopefully finance the project’s
future construction.
 |
| Neology Life Development Group, 1951 NW South River Drive Miami, FL 33125 |
"We are thrilled to expand our long-term relationship with a best-in-class developer, Lissette Calderon, and support another one of her world-class projects in an emerging area of Miami.”
Charles Foschini,
a senior managing director at Berkadia arranged the transaction. Forman
Capital financed the loan with all equity and closed in just 30 days.
Forman Capital provides short and medium-term construction financing, mezzanine debt, preferred equity, and joint venture equity across a variety of real estate asset classes and geographies.
From 2016 to the end of 2022, Forman was a 50/50 partner in a joint venture with a Canadian asset manager where his team originated and managed $2.2 billion in commercial real estate transactions.
The company currently has $75
million in pending deals set to close over the next 60 days.
 |
| Charles Foschini |
“While short-term construction financing has been our primary focus over the past several years, we also see an opportunity to beef up our balance sheet by buying existing loans,” said Forman. “We are well funded and have the ability to be flexible and close quickly.”
In 2021, Jacobson and Forman originated a $78.2
million construction loan for Neology to finance construction of a 14-story
rental tower in the Miami neighborhood of Allapattah.
Contact:
Eric Kalis
Vice President
BoardroomPR
O 954-370-8999
C 305-794-5123
Bank of America Plaza | 1776 N Pine Island
Road
Suite 320 | Fort Lauderdale, FL 33322
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