Brett Forman, Group CEO with Trez Forman Capital/courtesy photo

Trez Forman Capital Group LP issued its biggest financing since its formation by lending $115 million for a mixed-use project in Greenville, South Carolina. The commercial bridge lender is a joint venture created in 2016 between Boynton Beach-based real estate lender Forman Capital and Trez Capital in Canada. It's funded over $1 billion in loans since its inception. Its wherewithal has grown after lendng to developers in Florida and the rest of the Southeast, forging relationships with its borrowers. It's thanks to these relationships that this deal came about, said CEO Brett Forman. A former Trez Forman Capital borrower connected the lender to the Greenville developer. "The key here is we like the fact that a happy client that had been a borrower referred us to them," Forman said. "It goes to prove that we value relationships and want to create long-term meaningful relationships that not only lead to repeat business with borrowers but referrals. The referral business is the best kind." Trez Forman Capital issued the $115 million loan to CAP Camperdown LLC on Nov. 8 for Camperdown Square, which will include apartments, condominiums, a hotel, office and retail space. The three-year loan has a floating interest rate. Forman declined to disclose the interest rate. The project is rising in the heart of Greenville on a 3-acre lot at South Main and East Broad streets near the Greenville News. Developer Centennial American Properties LLC is building Camperdown, which will comprise 17-story Falls Tower, a separate 217-unit multifamily tower, a 194-key AC Marriott hotel, 609-space parking garage with 27,213 square feet of retail and an additional 52,624 square feet of retail. Falls Tower will have 20 condo units, 174,280 square feet of office space and 33,638 square feet of retail. The project is 40% complete with the segments in various stages of construction. The loan funds the remaining construction cost. The apartments and garage are close to completion. Renters are expected to start arriving during the coming months. Construction of the 17-story Falls Tower is up to about the eighth story. The milestone deal on a complex project took almost a year to close. "There were all kinds of challenges that had to be dealt with, and the deal had so many moving parts," Forman said. "You've got retail, you've got residential, you've got hospitality. We've got all these moving parts. The biggest one was probably the cost increases and how everyone dealt with that accordingly." When Trez Forman Capital started negotiating the loan with Centennial American, the developer still was working out construction costs. "Unfortunately, there was a surprise in the numbers, and we had to deal with that. We did our part. We all worked together to solve the challenge," Forman said. Parking also was an issue. Municipalities generally mandate a certain number of parking spots for office, retail, hotel and residential projects, but mixed-use projects generally can deviate from specific requirements because not all spaces are needed at all times. "They had to deal with parking because everyone is sharing one large garage," Forman said. "You've got the hotel sharing, you've got retail sharing it, you've got the multifamily apartments, condos and office. You've got to work through it and make sure everyone has both the right number of parking and everyone can share. The retail needs it during the day, the multifamily needs it at night, so it's kind of a shared parking, and you've got to work through the nuances. It's true of any mixed use." This is the first time Trez Forman Capital is working with developer Centennial American Properties. The Greenville-based developer was established by David Glenn in 1976 and built over 7 million square feet of commercial real estate in growing markets in the Southeast U.S., according to its website. Centennial American is the master developer at Camperdown and bought the property. It sold a piece to the multifamily tower developer and the hotel builder, according to Forman. "Our borrower was responsible for doing the overall garage and underground work," he said. "They are building the retail and the office and the condos." C. Brody Glenn, president of Centennial American, said in a news release that Trez Forman Capital worked alongside the developer to solve deal challenges. "Trez handled this transaction more as a partner than as a lender; they understood the issues and worked to create solutions," Glenn said. Greenville is a growing market with population and employment growth. "We love the growth trends and diversity of employment generators in the Greenville MSA," Forman said in a news release. "The area has significant government, hospitality, manufacturing, professional services, trade, transportation and utilities sectors. We will continue to seek opportunities in the Greenville area and other markets in the Carolinas." Related stories: South Florida Lender, North Carolina Builder Close $89 Million in Construction Loans