Palm Beach, Fla. and Charlotte, NC -- Trez Forman Capital Group has completed a $4.75 million loan that will be used for the development of a mixed-use real estate project in Charlotte, NC. The 5.5-acre site is located at 7600 University City Boulevard near the University of North Carolina at Charlotte.
Already approved for 390 multifamily and/or dormitory units, the land is across the street from LYNX Blue Line, Charlotte’s recently opened light rail system that feeds the college campus.
The developer/borrower, Sanctuary Holdings, NC, LLC, will use the loan proceeds to pay off existing debt on the property and to help fund the purchase of an additional 1.5 acres from Charlotte’s transportation department.
The 5.5 acre parcel approved for the mixed use project is part of a 36-acre tract acquired in 2013. The developer has already completed a 727-bed student housing facility that services students at UNC Charlotte.
This is the seventh loan that Trez Forman has made in North Carolina this year and the second in metro Charlotte. In June, Trez Forman closed on a $42 million construction loan for a 297-unit Class A apartment community in the suburb of Huntersville.
Earlier this month, Trez Forman completed a $16.4 million loan to fund the acquisition of 57 acres in Hillsborough, North Carolina just outside of Durham and Chapel Hill.
In February, a developer borrowed $35 million to develop a mixed-use project in Wilmington, and in May, the lender completed a $2.5 million acquisition loan for a 195-acre residential development site in Surf City.
“We continue to be bullish on North Carolina, especially in metro areas like Charlotte that have strong fundamentals,” said Forman. “We have no plans to slow down our search for similar opportunities in the region.”
Trez Forman is 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 venture is on track to close more than a $500 million in deals by the end of this year.
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.