Trez Forman Capital Group has funded a $20.5 million construction loan for a new mixed-use development in Burlington, NC. The project is being developed by Diamondback Investment Group, LLC based in Greensboro. Brett Forman, president/CEO of Trez Forman arranged the loan for the borrower, St. Marks APT NC, LLC. The transaction closed January 11th.
The mixed-used project called St. Marks will feature 183 garden-style apartments and retail space. The seven-acre site located at 1172 St. Marks Church Road will include an array of desirable amenities such as a saltwater pool, clubhouse, fitness and cardio studio, lounge area and dog park.
“This is the second transaction we’ve closed with Diamondback Investment Group which has strong vision and leadership in developing and operating quality real estate projects in North Carolina,” said Forman. “It is great to help developers grow their business successfully and I look forward to doing many more deals together in the future. It is also a great feeling to know that our borrowers, whom we consider partners, want to do repeat business with us – it says a lot.”
In July of last year, Diamondback secured a $42 million loan from Trez Forman to construct a 297-unit apartment community and for-rent townhomes in Huntersville, a suburb of Charlotte. It was one of six loans Trez closed in the Carolinas in 2018.
“We have developed a great working partnership with the Trez team; their knowledge and attention to detail are commendable,” said Zach Tran who formed Diamondback with Hal Kern in 2016 to develop and manage both commercial and residential real estate. “They are thorough, but also easy to work with and always willing to take the time to discuss our concerns and respond to questions.”
Trez Forman is a joint venture formed in 2016 by Palm Beach, Florida-based Forman Capital and Vancouver-based Trez Capital Group - one of Canada’s largest private commercial mortgage lenders. Last year, the venture closed more than $500 million of loans.
Trez Forman provides commercial bridge loans for development and construction and senior stretch financing, starting at about $5 million. It also offers private and institutional investors equity investment opportunities in a variety of funds and assets.
