Commercial mortgage lender Trez Forman Capital Group says it has provided $20.5 million in financing for a new apartment complex in Burlington.
Residential developer Diamondback Investment Group LLC, based in Greensboro, is building the 183-unit St. Marks garden-style apartment complex on 7 acres 1172 St. Marks Church Rd.
Trez Forman last July issued a $42 million loan to Diamondback. issued a $42 million loan to build The Point at Caldwell Station apartment and townhouses community in Huntersville.
“So far they’ve proved to be reliable. They’ve proved to be on top of their game. … They know how to build. They know how to find the land,” Brett Forman, president and CEO of Trez Forman, was quoted as saying in The Daily Business Review. “They’ve actually done other projects that we’ve seen go, what we call, round trip.”
St. Marks is due to be finished in two years with funding from the loan that closed Jan. 11. The loan covers 75 percent to 80 percent of the projected development cost.