Trez Capital, a private real estate lender doing business throughout North America, funded a $6.07 million development loan for a new residential community near Orlando, Florida.
Orlando-based Avex Homes is developing Simmons Trace in Kissimmee, a project that will have 57 townhomes and 51 single-family homes. Loan proceeds will be used to develop the lots for construction. Home prices will start around $200,000.
The bridge loan was originated by Brett Forman, Trez Capital Executive Managing Director, Eastern U.S., and Ben Jacobson, Vice President of Origination.
“We’re grateful to help fund a loan for a very reputable builder who is meeting the demand for quality housing at attainable prices, especially at a time when home inventory is very tight in the area and median prices continue to soar,” Forman said.
“Our borrowers have a strong track record in this region where buyer demographics are very strong,” Jacobson said. “We are very bullish on Central Florida.”
This is the second development loan Trez Capital has made to Avex Homes in March. The first was for $5.550 million to fund lot development for 125 homes in Eagle Lake, just outside of Lakeland, Florida.
Trez Capital is very active in Florida. It recently funded a $44.14 million construction loan for a 288-unit apartment community in Port Orange and a $4.6 million land development loan for a 141 single-family community in nearby DeLand. In late February, Trez closed on a $70 million construction loan for a 19-story apartment tower in South Florida.
Trez Capital provides short-term debt and equity financing typically between six and 36 months in term, ranging from $5 million up to $100 million in loan value.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, high-yield mortgage investment funds, and provides property developers and owners with quick approvals on flexible short- to mid-term financing.
With offices in Vancouver, Toronto, Montreal, Dallas, Palm Beach, Atlanta and New York, Trez Capital has over $4.1 billion in assets under management and has funded over 1,500 transactions totaling more than $12 billion since inception. For more information, visit www.trezcapital.com.
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