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

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

www.formancap.com.

JLL Capital Markets arranges $32 million construction financing for The Virginia apartments in Seguin, TX

 

Alanna Ellis

 SEATTLE, WA – JLL Capital Markets has closed the $32.125 million construction financing for the development of The Virginia, a 198-unit market-rate multi-housing project located in Seguin, Texas.

The Virginia, 3501 North Austin Street, Seguin, TX

JLL represented the borrower, Periscope Capital Investment and Verdot Capital, to secure the 15-year, floating-rate loan through a regional bank.

 The JLL Capital Markets Debt Advisory team was led by Director Alanna Ellis, Managing Director Jeff Lepley and Associate Alex Sheaffer.

 

With an anticipated completion in 2024, the three-story project will offer one-, two- and three-bedroom units, averaging 892 square feet.

Jeff Lepley

 

Community amenities will include a best-in-class fitness center, sauna, yoga room and swimming pool, as well as a a recreational patio, a business center, barbeque areas, dog parks and more.

 

A second phase of this project will be delivered in 2025, which will bring the total market-rate units to 424.

 

Located at 3501 N. Austin St., The Virginia is located thirty minutes east of San Antonio and about an hour south of Austin. The site also features direct access to Interstate 10, which is a direct transportation artery into Downtown San Antonio.

Alex Sheaffer

Seguin serves as the retail hub for three major counties, Guadalupe, Gonzales and Wilson. The site provides convenient access to downtown Seguin, which houses the bulk of the retail options.

 

Nearby attractions include ZDT’s Amusement Park, The Seguin-Guadalupe Heritage Museum, Walnut Springs Park and Max Starcke Park and Golf Course.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

Contacts:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

Ware Malcomb Promotes David Nighswonger to Director, Regional Operations in Denver Office

 

David Nighswonger

DENVER, CO, April 27, 2023 – Ware Malcomb, an award-winning international design firm, today announced David Nighswonger, PE, has been promoted to Director, Regional Operations based in the firm’s Denver office. In the role, Nighswonger will oversee operations for the civil engineering team firmwide. 

“David has excelled at the firm, exemplifying strong leadership and business acumen that contributes directly to the growth of our civil engineering practice,” said Chris Strawn, Principal for Ware Malcomb. “He has continued to improve the efficiencies of the department across the firm, with the right focus on processes and talent.”

Since joining Ware Malcomb in 2016, Nighswonger has managed numerous civil engineering projects and has overseen preparation of construction documents and construction administration for the firm’s public, commercial, residential, education and retail projects.

 He has been instrumental in expanding the civil engineering team from having team members in three offices to team members in twelve in just the past four years.

Chris Strawn,

A registered Civil Engineer in Colorado, Nighswonger brings more than 31 years of civil engineering experience to the team, including fifteen years serving as a Development Engineering Manager and Public Works Director for the city of Thornton, CO, a city of more than 140,000 residents.

 In his career, he has managed and directed a wide variety of capital improvement projects including roadways, drainage, water distribution, and wastewater collection. His experience includes leading public meetings, working with neighborhood groups, stakeholders, permitting agencies, and public agencies such as metro wastewater, urban drainage, and school districts.

Nighswonger has a Bachelor of Science in Civil Engineering from Southern Methodist University.

 Contacts:

Rachel Devany

VP Public Relations,

KCOMM for Ware Malcomb

rachel@kcomm.com

Maria Rodgers, Director, PR & Communications

 949.660.9128

 mrodgers@waremalcomb.com

 Maureen Bissonnette, Principal, Marketing, 949.660.9128

mbissonnette@waremalcomb.com

 

Ware Malcomb announces new leadership roles in Oak Brook, IL office

Caroline McNulty

OAK BROOK, IL, April 26, 2023 – Ware Malcomb, an award-winning international design firm, today announced the promotions of Cameron Trefry, Michael Cody and Caroline McNulty.

  In addition, the firm announced Charles Swanson has been named to the newly created role of Director, Multifamily to support the firms’ growing initiatives. All leaders are based in the firm’s Oak Brook, IL office.

 "These talented individuals have been instrumental to the growth of our Oak Brook office and our portfolio in the Midwest region,” said Ken Wink, CEO of Ware Malcomb. 

Cameron Trefry

 

Cameron Trefry has been promoted to Regional Vice President, overseeing the overall growth and management of the firm’s Midwest region, which includes the Oak Brook, Chicago, Washington, D.C. and Columbus offices.

 

Michael Cody 

 He is also responsible for oversight of the companywide Industrial Cold and Food Practice.

Trefry began his career at Ware Malcomb as an intern in the firm’s Denver office nearly 20 years ago, having received his Bachelor of Environmental Design from the University of Colorado at Boulder.

Charles Swanson

He is a Licensed Architect, LEED Accredited Professional, and an active member of the Society of Industrial and Office Realtors (SIOR) and the National Association of Industrial and Office Properties (NAIOP), where he was just named as a class of 2023 Research Foundation Visionary.  

Ken Wink

“Cameron has been a prominent presence in the growth of our firm for nearly two decades,” said Wink. “His leadership has been instrumental in growing Ware Malcomb's Midwest region, as well as our Washington, D.C. office.

Michael Cody has been promoted to Director, Industrial Cold & Food. He has been instrumental in the continued growth of the firms Industrial Cold & Food practice through business development efforts, leadership and mentorship.

 

 Dawn Riegel

 Cody joined Ware Malcomb in 2017 and brings 32 years of experience to his role with the firm. A licensed Architect in the state of Illinois, he received a Bachelor of Science degree in Architecture from Illinois Institute of Technology. 

 Caroline McNulty has been promoted to Director, Interior Architecture & Design. She is responsible for leading the growth and management of the Oak Brook Interior Architecture & Design Studio and managing select projects.

 Since joining the firm in 2013 as a designer, McNulty has contributed extensive interior architecture and design expertise to Ware Malcomb while helping to grow its Interiors Studio.

 McNulty graduated from Miami University in Ohio, with a Bachelor of Fine Arts degree in Interior Design. She actively participates in industry organizations including CoreNet Chicago, which brings together corporate real estate leaders and executives.

“Caroline has carved her place in this industry through hard work and ambition,” said Dawn Riegel, Principal for Ware Malcomb. “Her ability to connect with people, both within our firm and within the industry, have really stood out in my time working alongside her.”

Charles Swanson has been named Director, Multifamily. Swanson has more than 12 years of architectural design and construction experience, with a focus on multifamily work.

 For the past two years, he has successfully helped expand the firms Multifamily portfolio. In this newly created role, he will be responsible for the growth of the multifamily practice companywide, assisting teams across the firm with business development efforts, establishing specialized enterprise teams, conducting team member training, and providing QA/QC on drawings.

 Swanson received a Bachelor of Architecture degree from Rice University. 

Ware Malcomb’s Oak Brook office opened in 2004. In their history, Ware Malcomb has worked on more than 4,300 projects in the Midwest region.

 

Contacts:

Rachel Devany

VP Public Relations, 

KCOMM for Ware Malcomb

rachel@kcomm.com

Maria Rodgers, Director, PR & Communications

 949.660.9128

 mrodgers@waremalcomb.com

 

Maureen Bissonnette, Principal, Marketing, 949.660.9128

mbissonnette@waremalcomb.com

 

Trion Properties promotes Lauren Feder as director of new asset management position

 

Lauren Feder

WEST HOLLYWOOD, CA and MIAMI, FL, April 26, 2023 – Trion Properties, a private equity real estate firm with offices in West Hollywood, California and Miami, Florida,  specializing in multifamily investments, has created the position of Director of Asset Management.

To head the new department, Trion Properties has promoted Lauren Feder to the position. Feder joined Trion in 2019, most recently serving as Acquisitions Associate.

Max Sharkansky

The move demonstrates the firm’s need to bolster its leadership team as Trion’s assets under management have increased significantly over the past two years, according to Max Sharkansky, Managing Partner at Trion Properties.

“Lauren’s remarkable business savvy and ability to navigate the nuances of the multifamily investment market have made her an invaluable member of our team,” notes Sharkansky.

“Her contributions as a leader will help propel our assets to new heights as we continue on this exciting growth path.”

In the new position, Feder will be responsible for maintaining comprehensive oversight of the firm’s assets, including creating and implementing business plans and objectives, marketing, leasing, and renovation plans.

In 2022, Trion increased its total portfolio to 5,805 units within strategic geographies across the West Coast and Southeast.

 The firm added 11 new properties through nine transactions with a total acquisition value of over $489 million and successfully completed eight disposition and four recapitalization transactions with a total value of $308,525,000.

 

Contacts:

 

Hanna Kokuashvili / Elisabeth Manville

The Smart Agency

(949) 438-6262

hkokuashvili@thesmartagency.com

JLL arranges $290 million refinancing for Whole Foods- and Target-anchored Bergen Town Center in Paramus, NJ

Claudia Steeb

  NEW YORK, NY – JLL’s Capital Markets group has arranged $290 million in refinancing for Bergen Town Center, a one-million-square-foot shopping center anchored by Whole Foods and Target and located in Paramus, New Jersey.

 

JLL exclusively represented the borrower, Urban Edge Properties, to secure the loan through New York Life Insurance Company and MetLife Investment Management.

 

Built in 1957, Bergen Town Center is currently 97-percent-leased by more than 70 unique retail tenants.

Scott Aiese

Investment grade tenancy accounts for 44% of the retail GLA. In addition to its Whole Foods and Target anchors, notable tenants include ULTA, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS, Ruth’s Chris and more.

 

The center provides a weighted average remaining lease term of 6.8 years and a weighted average lease tenure of 9.6 years. The property includes 4,500 parking spaces and welcomes over 11 million annual customers.

 

Bergen Town Center is set within one of the country’s most productive retail submarkets with annual retail sales higher than any other zip code in the United States.

 

The center benefits from frontage along Route 4, which is Paramus’s most heavily trafficked retail corridor and boasts average daily traffic counts of more than 150,000 vehicles per day.

Jon Mikula

Other major transit nodes include Highway 17, Interstate-80 and the Garden State Parkway. Located just nine miles west of New York City, the property offers seamless access from Manhattan in under an hour via mass transit.

 

Additionally, 11.3 million consumers are within a 20-mile radius of the property, and the average Bergen County household income is $167,050.

 

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Scott Aiese, Claudia Steeb, and Jon Mikula and Director Alex Staikos.

 

“Bergen Town Center is a best-in-class asset operating in one of the strongest retail markets in the country,” said Aiese.

Alex Staikos

“Under the astute and hands-on management of Urban Edge, it is well-positioned to continue to thrive and we are pleased to have delivered accretive financing from lenders who share in ownership’s commitment to providing a stellar brick and mortar shopping experience.”

 

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

JLL Capital Markets welcomes Senior Director Reina Abboud

 

Reina Abboud

RICHMOND, VA –  JLL Capital Markets  has hired industry professional Reina Abboud as a Senior Director with the firm’s Washington, D.C. office. 

She will focus on debt advisory in the Richmond and Virginia Tidewater markets and report to Senior Managing Directors and co-heads of JLL’s Washington, D.C. office, Andrew Weir and Jamie Leachman.

 

As a former Vice President at a full-service capital markets provider, Abboud joins JLL with 10 years of experience in real estate finance. Prior to that, she served as a Financial Analyst with Phillips Realty Capital. 

During her career, she has been involved in originating, structuring and executing over $1.5B in transactions in all asset types, with a strong focus on market rate and affordable multi-housing business. She played a vital role in growing her prior firm’s market share, through Fannie Mae, Freddie Mac and FHA executions. 

Jamie Leachman

“We are very excited to have Reina join our team,” said Leachman. “Her unique insight, fresh perspectives and wealth of industry knowledge will help elevate our team and we are grateful to have her join JLL.”

 Abboud graduated with a Master of Professional Studies in Real Estate from Georgetown University. She received her Bachelor of Science in Economics from University of Virginia.

 

Residing in Richmond, VA, she is an active member of multiple organizations including Real Estate Network Empowering Women (RENEW), Urban Land Institute (ULI) and Commercial Real Estate Women (CREW). She also serves on Better Housing Coalition’s Real Estate Development Committee.

 

Andrew Weir

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

 The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources, please visit JLL’s newsroom.

 

 

 

Contact:

Alli Semans, JLL

PR, Hotels & Hospitality,

 Capital Markets

M +1 330 329 6750

jll.com