What started as a one-time deal a year ago between a Boynton Beach lender and a North Carolina developer has grown into four loans totaling $89.3 million, the Daily Business Review (DBR) reports.
Developer Diamondback Investment Group LLC, based in Greensboro closed the latest two transactions in June for $26.8 million from lender Trez Forman Capital, led by Brett Forman, to develop two suburban single-family communities.
About $16 million from the June 5 loan is going to the 65-home Huffman Point community on 49 acres in Burlington between Durham and Greensboro. The developer plans to spend $3 million on site preparation and use a $13 million revolving line of credit for construction.
Later, on June 20, Trez Forman issued $10.8 million for the 43-home Wesley Point on 112 acres in Browns Summit outside Greensboro.
“This further solidifies our commitment to building relationships and expanding our business through satisfied and repeat borrowers,” CEO Brett Forman said in a news release.
Trez Forman is a joint venture between Boynton Beach-based Forman Capital and Canadian commercial mortgage lender Trez Capital Group.
DBR reports that Trez Forman and Diamondback Investment, led by Zach Tran and Hal Kern, first borrowed from Trez Forman a year ago, obtaining a $42 million loan for The Point at Caldwell Station garden-style apartments in Huntersville.
The second deal was a $20.5 million loan for more garden-style apartments in Burlington.
Trez Forman focuses on lending in suburbs in the Southeast U.S. keyed to population and job growth.