34-unit Avalon Beach Club in Clearwater Beach to include short-term rental component
(Clearwater – St. Petersburg/Palm Beach, Fla.)— The developer of the planned Avalon Beach Club in Clearwater Beach obtained a $16 million loan from Trez Forman Capital for the project. Most of the condominiums in the 34-unit building are expected to be operated as short-term rentals.
The loan to Avalon Club, LLC closed on September 27. Trez Forman President and CEO Brett D. Forman arranged the transaction.
Located at 24 Avalon St., the 8-story Avalon Beach Club will include 41 parking spaces throughout the first and second floors and condominiums on the remaining six floors. Amenities include an on-site fitness center, rooftop swimming pool with a bar and lounge, smart home features and housekeeping services.
The borrower assembled the project site from 2013 to 2018, and demolition of existing structures on the properties is set to begin shortly. Condo buyers have the option to lease their units for short-term rentals.
Short-term rental agreements have been reached with the buyers of most of the 24 pre-sold units. The borrower plans to retain the remaining 10 units and operate them as such.
“Clearwater Beach is ranked one of the top beach destinations in the country, so there is intense demand for short-term rental product near the beach,” said Forman. “We continue to seek construction opportunities in the Tampa-St. Petersburg-Clearwater MSA, which continues to have strong employment and population growth, mainly driven by Tampa’s robust economy.”
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.
# # # #
About Trez Forman Capital: Founded in 2016, Trez Forman Capital is a Palm Beach, 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. Trez Forman has funded nearly $1 billion in loans since inception. 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 Palm Beach-based Forman Capital and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders with approximately $3 billion in committed capital. Trez Capital has originated approximately $10 billion in loans since its inception. For more information, visit www.trezforman.com.
GlassHaus is a boutique luxury building under construction in the heart of Coconut Grove
(Miami, FL/Palm Beach, FL)— Trez Forman Capital funded a $13.2 million construction loan for the developer of a boutique luxury condominium project in the Coconut Grove section of Miami.
The 5-story, 23-residence GlassHaus is being co-developed by Brazilian-based G.D8, led by Daniel Ribeiro, and Element Development LLC, a Miami-based company headed up by Javier Lluch.
More than half of the units have been presold and construction is underway. The loan will provide the developers with enough capital to finish the building, which is located on a half-acre site at 3156 SW 27th Ave. near popular retail and dining and entertainment venues.
The borrower is West Townhomes, LLC. Trez Forman President/CEO Brett Forman originated the loan, which closed on July 16, 2019.
“This is a premier project being developed by two groups that have a strong track record,” said Forman. “We are very confident in their ability to execute on their plan to deliver a first-class building that is a perfect fit for the Grove.”
GlassHaus features a minimalistic design with a clean, elegant style that invites natural light in. The building has between one and three-bedroom residences ranging in size from just over 1,000 square feet to 2,953 square feet. Each unit has 11-foot finished ceilings and floor-to-ceiling glass windows, porcelain flooring options as well as European-designed kitchens with Bosch-brand appliances.
The building features a reception lobby with a living garden wall and covered secured parking with charging stations. Resort style amenities include a rooftop pool and summer kitchen, a fitness center adjacent to Zen garden and electric bicycles for residents to use.
Unit prices range from $853,221 to $1.578 million.
This is the second new construction project Trez Forman has funded in Coconut Grove. Earlier this year, the private commercial real estate lender closed on a $21 million construction loan for the 52-unit Arbor located at 3434 Oak Avenue.
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.
# # # #
About Trez Forman Capital: Founded in 2016, Trez Forman Capital is a Palm Beach, 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. Trez Forman has funded nearly $1 billion in loans since inception. 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 Palm Beach-based Forman Capital and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders with approximately $3 billion in committed capital. Trez Capital has originated approximately $10 billion in loans since its inception. For more information, visit www.trezforman.com.
A multifamily housing developer and repeat borrower has secured a $10 million loan from Trez Forman Capital to acquire and plan for development of a 600-unit apartment community in Brandon, Florida. The property sits less than 1 mile from Westfield Brandon, a regional shopping mall with more than 1 million square feet of stores and restaurants.
The undeveloped property at the northeast corner of South Lakewood Drive and Brandon Parkway will have 600 multifamily units and 75,000 square feet of mixed-use buildings and stores on 55 acres, one of the largest remaining undeveloped parcels in Brandon. The project will be known as the Brandon Town Center.
The loan, which closed July 1, was arranged by Brett D. Forman, president/CEO of Trez Forman. The borrower is Brandon Town Center Development Partners, LLC.
“Tampa's multifamily market is fundamentally sound and one of the top annual rent-growth metros in the nation. A booming economy and robust population gains have consistently fueled strong multifamily demand,” said Forman. “With employment growth far outpacing the national average and future job projections expected to remain elevated, multifamily demand should remain high.”
The borrower, which has a track record of success with multifamily housing, will build three-story units of one, two or three bedrooms with attached garages. Funding will enable the company to buy the property and produce construction plans and drawings.
Trez Forman has been active the Tampa Bay MSA over the past year. In October 2018, it provided at $13.5 million loan for the acquisition and development of 140 acres of entitled land near Bradenton slated for 417 single-family homes. In December 2018, the company loaned $19 million to a developer to acquire 279 acres in Lakewood Ranch for a new 675-single-family home project.
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.
Transaction marks company’s second loan for borrower in two-week span
(Greensboro, NC/Palm Beach, FL)— Trez Forman Capital closed a $10.8 million loan to a well-known regional home builder to help fund land acquisition and construction of a new residential community called Wesley Point near Greensboro, NC.
Fixed Point Homes, an affiliate of Diamondback Investment Group, is acquiring 112 acres of vacant land at 7529 Doggett Road in Browns Summit. The financing from Trez Forman covers the purchase of the land, lot development and construction of 43 single-family homes. It will be bifurcated into two pieces, an acquisition and development loan followed by a revolving line of credit for the home construction.
Wesley Point will feature three and four-bedroom homes with two-and-a-half or three bathrooms and an average size of 2,800 square feet. Z Real Estate Group is the sales representative for the project.
Brett Forman, CEO of Trez Forman, arranged the financing, which closed on June 20.
The transaction follows the June 5 closing of a $16 million loan to the same borrower for the Huffman Point residential project in Burlington.
“Our client has a tremendous track record developing quality communities in the region, and Wesley Point is poised to continue that tradition of top-tier residential product,” said Forman. “The greater Greensboro area continues to have room for further job growth over the next decade. This transaction further solidifies our commitment to building relationships and expanding our business through satisfied and repeat borrowers.”
Diamondback Investment Group, LLC is a North Carolina-based real estate development company owned and managed by Zach Tran and Hal Kern.
“We are excited about our continued relationship with Trez Forman and look forward to closing our current pipeline of over $400 million with them over the next 18 months,” said Tran.
Palm Beach, Fla.-based 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.
# # # #
About Trez Forman Capital: Founded in 2016, Trez Forman Capital is a Palm Beach, 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 Palm Beach-based Forman Capital and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders with approximately $3 billion in committed capital. Trez Capital has originated approximately $10 billion in loans since its inception. For more information, visit www.trezforman.com.
Media Contact for Trez Forman: Todd Templin or Eric Kalis
954-370-8999
This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.
Financing covers 1,615 acres, land for 4,237 single-family lots, 400 apartments and two commercial developments
(Various locations in Florida, Louisiana and North Carolina)—April 12, 2019— Trez Forman Capital has completed a $17.71 million transaction that provides third and fourth mortgage financing to a portfolio of more than 10 residential developments in Florida, Louisiana and North Carolina. All but one of the projects are completely pre-sold to major homebuilder DR Horton.
The transaction was structured as a multi-tranche blanket mortgage. Trez Forman had first mortgages on each of the existing projects before the latest deal.
In all, the financing covers 1,615 acres, land for 4,237 single-family lots, 400 apartments and two commercial properties.
Trez Forman President and CEO Brett D. Forman arranged the loan.
The new financing is to be used to buy out a partner, supply working capital for the borrower and provide equity for future projects.
Development sites in the portfolio include:
· Waterside, a master-planned community in Surf City near Wilmington, N.C.
· Collins Ridge, a large-scale community with plans for 880 residential units in Hillsborough, N.C.
· Evergreen, a Bradenton, Fla. site entitled for the development of 417 single-family homes
· Solera, a 279-acre community approved for 675 single-family homes also in Bradenton
“This transaction underscores our nimble and creative approach,” Forman said. “Trez Forman is committed to relationship lending, so working with our borrower is important to us. We are bullish about the developments secured by this transaction, as evidenced by our prior role as first mortgage lender for each project.”
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.
# # # #
About Trez Forman Capital: 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 Palm Beach-based Forman Capital and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders with approximately $3 billion in committed capital. Trez Capital has originated approximately $10 billion in loans since its inception. For more information, visit www.trezforman.com.
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.
