Forman Capital Acquires $24 Million Note Secured by Miami-Dade County Development Site

 

Ben Jacobson (left) and Brett Forman

MIAMI, FL and PALM BEACH, FL–– Forman Capital, a creative and entrepreneurial direct lender based in South Florida owned by veteran real estate financing professionals Brett Forman and Ben Jacobson, has acquired a $24.1 million fully performing loan secured by a 7.3-acre development site at 2301 NW 33rd Ave. in Miami, Florida.

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

In September 2022, TCG PL33 LLC, an affiliate of Miami-based Neology Life Development Group, led by Lissette Calderon, acquired the property for $32.1 million with the loan supplied by Hermitage Palmer Land LLC.

“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

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

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Suite 320 | Fort Lauderdale, FL 33322

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www.formancap.com.