Palm Beach, Fla.-based private lender Trez Forman Capital Group has closed a $42 million construction loan for a 297-unit rental community development in the Charlotte, N.C. suburb of Huntersville, N.C. Borrower Caldwell Station NC LLC intends to develop a Class A, 20-building community comprised primarily of garden-style apartments. The community will also include a mix of for-rent townhomes.
Situated at 17355 Old Statesville Road in Huntersville, the development will feature 371 parking spaces. Common-area amenities will include a resort-style saltwater pool, clubhouse, fitness and cardio studio, lounge area and dog park. The community will be located close to the Northcross Shopping Center, home to Harris Teeter, Homegoods, Lowe’s Home Improvement, Petco, Staples and many other retailers. A number of restaurants and hotels are also located a short distance from the development.
“It is exciting to continue our Carolinas activity with this Huntersville transaction,” said Trez Forman president and CEO Brett Forman, who arranged the transaction. “This is a suburban submarket with a strong appetite for Class A apartment product. We continue to target similar opportunities in the region.”
This is Trez Forman’s fourth loan in North Carolina this year. The company is attempting to increase its presence across the Carolinas.
In February, a developer borrowed $35 million from Trez Forman to develop a mixed-use project in Wilmington. Three months later, Trez Forman closed on a $17.2 million loan for acquisition of 138-acre residential development site in the Raleigh-Durham-Chapel Hill metro area. At about the same time, the lender completed a $2.5 million acquisition loan for a 195-acre residential development site in Surf City.
Trez Forman is a joint venture established in 2016 by Boynton Beach, based Forman Capital and one of Canada’s largest private commercial mortgage lenders, Vancouver, B.C.-based Trez Capital Group. The joint venture, which provides commercial bridge loans for development and construction and senior stretch financing starting at about $5 million, is on track to complete more than a half billion dollars in deals this year.