HUNTERSVILLE, NC — Palm Beach, FL-based Trez Forman reports that it closed its fourth financing deal in North Carolina this year, a $ 42 million construction loan for the 297-unit multi-family development. in this suburb of Charlotte.
The Huntersville transaction, which closed on July 5, is the largest financing transaction for Trez Forman in North Carolina this year. So far in 2018, Trez Forman has loaned approximately $ 98 million in construction and acquisition financing for residential projects in North Carolina.
The borrower, Caldwell Station NC, LLC, is developing a Class A-20 construction project that will consist primarily of garden style apartments, mixed with rental townhouses. Trez Forman President and CEO Brett Forman arranged the transaction. The development will also include 371 parking spaces and a host of amenities including a resort-style saltwater pool, clubhouse, fitness / cardio studio, lounge area and dog park.
The 17355 Old Statesville Road project site is located near the Northcross Mall, which is home to Harris Teeter, HomeGoods, Lowe’s Home Improvement, Petco, Staples and many other retailers.
“It is exciting to continue our business in Carolina with this transaction in Huntersville,” said Forman. “This is a suburban submarket with a strong appetite for Class A apartments. We continue to target similar opportunities in the region.
In February, a developer borrowed $ 35 million from Trez Forman to develop a mixed-use project in Wilmington. In May, Trez Forman closed a $ 17.24 million loan to acquire a 138-acre residential development site in the Raleigh-Durham-Chapel Hill metropolitan area. Around the same time, the lender closed a $ 2.5 million acquisition loan for a 195-acre residential development site in Surf City, North Carolina.
Trez Forman, a joint venture formed in 2016 by Forman Capital of Boynton Beach and Trez Capital Group of Vancouver, closed more than $ 200 million in financial transactions in the first quarter. Company officials say the company is on track to close more than $ 500 million in deals in 2018.