Brett Forman, Group CEO with Trez Forman Capital/courtesy photoSouth Florida Lender, North Carolina Builder Close $89 Million in Construction Loans
Lender Trez Forman Capital issues two loans totaling $26.8 million to prolific North Carolina residential developer Diamondback Investment Group.
July 09, 2019 at 12:30 PM
2 minute read
What started as a one-time deal a year ago between a Boynton Beach lender and a North Carolina developer has grown into four loans totaling $89.3 million.
Lender Trez Forman Capital and developer Diamondback Investment Group LLC, based in Greensboro, North Carolina, closed the latest two transactions in June.
Trez Forman, led by Brett Forman, issued a total of $26.8 million for two Diamondback projects of suburban single-family communities.
About $16 million from the June 5 loan is going to the 65-home Huffman Point community on 49 acres in Burlington between Durham and Greensboro.
Huffman Point offers three- and four-bedroom homes in the 2,800-square-foot range starting at $327,000.
The developer plans to spend $3 million on site preparation and use a $13 million revolving line of credit for construction.
On June 20, Trez Forman issued $10.8 million for the 43-home Wesley Point to rise on 112 acres in Browns Summit outside Greensboro.
Like Huffman Point, Wesley Point will have three- and four-bedroom homes with about 2,800 square feet.
With these transactions Trez Forman Capital reached its goal of finding successful borrowers and forming strong relationships with them.
“This further solidifies our commitment to building relationships and expanding our business through satisfied and repeat borrowers,” CEO Brett Forman said in a news release.
Trez Forman is a joint venture between Boynton Beach-based Forman Capital and Canadian commercial mortgage lender Trez Capital Group.
Trez Forman and Diamondback Investment, led by Zach Tran and Hal Kern, first borrowed from Trez Forman a year ago, obtaining a $42 million loan for The Point at Caldwell Station garden-style apartments in Huntersville.
The second deal was a $20.5 million loan for more garden-style apartments in Burlington.
The transactions speak to suburban growth after years of development focused on city centers.
Trez Forman heavily lends in suburbs in the Southeast U.S. keyed to population and job growth.
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