Private lender funds 417-home project on 140 acres in growing Manatee County
Trez Forman Capital Group has completed a $13.85 million loan for the acquisition and development of 140 acres fully entitled for the development of 417 single-family homes in Bradenton, Fla. The borrower, Evergreen Landco, LLC, has a contract to sell the single-family lots to a national homebuilder.
Trez Forman’s loan financed the land acquisition and future horizontal development costs of the homes. President and CEO Brett Forman arranged the 3905 26th Avenue East transaction.
The homebuilder intends to develop the projects in two phases, starting with 222 lots and later developing the remaining 195 lots.
Demand for housing in Manatee County is expected to significantly grow, as its population is projected to increase at a 1.5 percent annual rate over the five-year period ending in 2021. That equates to an average of 5,625 new residents per year.
“We are extremely bullish on the Sarasota/Bradenton market, which is certainly keeping pace with the growth of northern neighbors Tampa, St. Petersburg and Clearwater,” said Forman. “We continue to look for similar opportunities in the region.”
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 latest activity continues the momentum from a busy summer. The venture is on track to close more than a $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.
About Trez Forman Capital Group: Founded in 2016, Trez Forman Capital 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. For more information, visit www.trezforman.com.
