Plans call for construction of 415 single-family homes on 158 acres in Surf City
Wilmington, NC/Palm Beach, Fla. – Feb. 25, 2019 –Trez Forman Capital Group has completed a $20.8 million loan for a significant single-family residential development on 158 acres in Surf City near Wilmington, N.C. The financing pays off an existing $2.5 million land loan provided to the borrower by Trez Forman and covers land development costs for 415 single-family lots.
The transaction closed on February 15. Trez Forman President and CEO Brett Forman arranged the transaction.
Major homebuilder DR Horton has a contract to purchased 170 of the single-family lots from the borrower, who plans to secure a buyer for the remaining 245 lots. The site is located at the intersection of Belt Road and NC Highway 50. It is conveniently positioned near a new Publix, 1.5 miles from the beach, with access provided by a new 3,600-foot bridge that opened in December 2018.
The master-planned community will be known as Waterside.
“This transaction continues our aggressive push into North Carolina neighborhoods that have substantial opportunities for new development,” Forman said. “It is exciting to expand our relationships with our developer borrowers and continue to support their transformative projects.”
Surf City is particularly attractive to buyers from the nearby Marine Corps Base Camp Lejeune facility, which has more than 47,000 personnel. It also serves as a convenient in-between location for families working in Jacksonville, NC and Wilmington, NC.
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 $550 million of loans.
The venture 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.
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About Trez Forman Capital Group: Founded in 2016, Trez Forman is a Florida-based commercial bridge lender for development and construction, senior stretch first mortgages and special situations nationwide. It provides developers and property owners with quick approvals on flexible short to mid-term financing from $5M to $75M. The company also offers private and institutional investors equity investment opportunities in a variety of funds and assets. Trez Forman is a joint venture between Brett Forman’s mortgage lending firm, Forman Capital, and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders. Trez Capital has originated approximately $10 billion in loans since its inception. For more information, visit www.trezforman.com.
