Trez Forman Capital Group has closed a $17.2 million loan for the purchase of a 138-acre parcel in Hillsborough, N.C. Collins Ridge Lando, the borrower, intends to develop a master-planned community. Dubbed Collins Ridge, the future development is set to include 880 residential units. CEO Brett Forman originated the loan for Trez Forman.
Located outside of Durham and Chapel Hill, just off Interstate 85 near South Churton and Orange Grove streets, the planned property is slated to encompass 322 townhomes, 238 single-family homes and a 320-unit apartment community. Most of the development will take place on 125 acres north of the highway. A national builder already has a contract to purchase the single-family and townhome sites.
“Hillsborough is an established residential town that has seen strong sales activity on new master-planned communities recently. Based on that and its proximity to employment centers in the Raleigh-Durham metro area, we feel like this project has a lot of potential for success,” said Forman, in a prepared statement.
The financing deal marks Trez Forman’s third loan completed in the state this year. In February, East West Partners borrowed $35 million to develop River Place, a mixed-use project in Wilmington, N.C. Trez Forman also funded a $2.5 million loan for a residential development in Surf City, N.C. Recently, the company provided an $85 million construction loan for The 4 West Las Olas, a planned 260-unit community in downtown Fort Lauderdale, Fla.
Image courtesy of Trez Forman Capital Group
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