Bradenton, Fla./Palm Beach, Fla.– Trez Forman Capital Group funded a $19 million loan used to acquire a 279-acre tract in the Lakewood Ranch master-planned community for $9.35 million.
The borrower/developer will use the balance of the proceeds to develop 330 lots that will then be sold to national home builder, DR Horton. The community, known as Solera, is approved for 675 single-family homes. The builder plans on four different affordably priced product lines.
Located at 5010 Uihlein Road in Bradenton, Solera will have a three-acre amenity complex that will include a playground and park. About half of the 279 acres will remain green space.
“Despite the threat of rising interest rates, we continue to be bullish on financing quality residential communities that are conveniently located, reasonably priced and offer a desirable lifestyle,” said Brett Forman, president/CEO of Trez Forman.
Lakewood Ranch is located in both Sarasota and Manatee Counties and is part of the Tampa Metropolitan area. With the first neighborhood built in 1995, Lakewood Ranch continues to be one of the fastest selling master-planned communities in the U.S.
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 transaction helps cap off a busy year. The venture has closed more than $500 million in deals in 2018.
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.
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About Trez Forman Capital Group: Founded in 2016, Trez Forman 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. Trez Capital has originated approximately $10 billion in loans since its inception. For more information, visit www.trezforman.com.