Trez Forman Capital Group said Thursday it has closed on a $3.6 million loan that will be used to develop a new residential community in St. Augustine, Florida. The loan will be used to finance costs associated with preparing 37 acres of land for construction.
Wards Creek at Arbor Mill will be located at 6405 County Road 16A, and feature 67 single-family home sites surrounded by preserve areas and water. Located just minutes west of I-95 near major attractions, it is one of the last communities to be developed in the Arbor Mill master-planned community which features a clubhouse, swimming pool, tennis courts, soccer fields and park. Jacksonville-based custom-home builders Ashley Homes and Drees Homes are the exclusive builders in Wards Creek.
“We are bullish on the single-family home market in northeast Florida,” said Brett Forman, president/CEO of Trez Forman who originated the loan. “The fundamentals remain strong and there is still solid demand for new quality housing. This is our second similar transaction in the submarket and we look forward to doing more deals in the region.”
Last year, Trez Forman loaned $14.676 million to fund development of 363 single-family home lots in Parkland Preserve at World Golf Village, a community that is being built by D.R. Horton.
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, is on track to close more than a $500 million in deals in 2018.
