For Immediate Release
Trez Forman Capital Group Closes $85 Million Construction Loan for Downtown Fort Lauderdale Luxury Rental Project
South Florida private direct lender projected to generate more than $300 million in 2018 deals
FORT LAUDERDALE, FL – Feb. 15, 2018 – Trez Forman Capital Group has completed an $85 million construction loan to a Fort Lauderdale development company led by Scott Bodenweber, Denny St. Romain and Thomas Vogel. The company plans to develop 4 West Las Olas, a riverfront 260-unit luxury rental project with approximately 12,000 square feet of retail and 387 parking spaces.
For Trez Forman, a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group - one of Canada’s largest private commercial mortgage lenders, the 4 West Las Olas transaction kicks off a busy year. The venture is projected to complete more than $300 million in deals in 2018.
The construction loan closed on Feb. 13. Trez Forman previously provided a $6 million land loan to the 4 West Las Olas owners when they acquired the 1-acre site in mid-2017. Trez Forman will assume the land loan in the new construction loan.
“Downtown Fort Lauderdale and the surrounding neighborhoods continue to gain momentum with renters,” said Brett Forman, President and CEO of Trez Forman who also arranged the 4 West Las Olas deal. “Opportunities to develop new apartments along the river are scarce and coveted by developers. We are excited to have the opportunity to work with this particular borrower and fund construction of what will be an extremely desirable community.”
The sponsorship is comprised of executives from Elevate Partners and NCC Development Group. Elevate is a real estate development and investment firm focused on the multifamily sector. The primary partners include St. Romain, Vogel and Bodenweber.
NCC is a real estate development firm focused on multifamily opportunities. The firm’s partners, David Biggs and Robert Mathias, have a combined 60-plus year track record of entitling, designing, capital structuring and developing high-quality multifamily projects in the rental and for-sale segments. NCC has successfully transacted with Forman Capital in the past.
Moss & Associates is the project’s general contractor, with Greystar tapped to manage the complex. An existing 64,500-square-foot office building will be demolished to clear the site for construction of the apartment building.
Trez Forman provides commercial bridge loans for development and construction and senior stretch financing starting at $5 million. It also offers private and institutional investors equity investment opportunities in a variety of funds and assets.
In December 2017, Trez Forman completed a $74.8 million construction loan to Dallas-based developer Lincoln Property Co. for the 26-story Church Street Plaza project planned for downtown Orlando. That transaction followed the company giving Encore Capital Management a $23.15 million construction loan for the redevelopment of the former Fashion Mall in Plantation into the mixed-use Plantation Walk.
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About Trez Forman Capital Group: Founded in 2016, Trez Forman Capital 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. For more information, visit www.trezforman.com.
Media Contact: Todd Templin and Eric Kalis
954-370-8999
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