Trez Forman Capital Group continued its successful year by completing its first transaction in New York. The private lender closed a construction loan for a multifamily redevelopment in the Queens neighborhood of Astoria.
The nearly $7 million loan will fund the construction of a 20-unit luxury rental building at 30-38 29th St. A condemned single-family home is presently located on the property.
Trez Forman President and CEO Brett Forman arranged the deal, which closed on Nov. 20.
“We are thrilled to successfully expand into New York through this transaction,” said Forman. “Our team is aggressively monitoring the market for additional opportunities in New York and throughout the tri-state area.”
The Astoria luxury apartment building will have various cutting-edge amenities, such as a virtual doorman and package locker – a feature that should be in heavy demand as Amazon opens a brand-new headquarters in Queens. Other features include a roof deck, on-site storage cages, bike storage, laundry facilities and 10 underground parking spaces.
Individual units will have wood floors, quartz countertops, stainless steel appliances and high ceilings.
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, the latest activity continues the momentum from a busy first 10 months of the year. The venture is on track to close more than a $500 million in deals in 2018.
Trez Forman provides commercial bridge loans for development and construction, and senior stretch financing starting at about $5 million. It also offers private and institutional investors equity investment opportunities in a variety of funds and assets.
About Trez Forman Capital Group
Founded in 2016, Trez Forman Capital is a Florida-based commercial bridge lender for development and construction, senior stretch first mortgages and special situations nationwide. It provides developers and property owners with quick approvals on flexible short to mid-term financing from $5M to $75M. The company also offers private and institutional investors equity investment opportunities in a variety of funds and assets. Trez Forman is a joint venture between Brett Forman’s mortgage lending firm, Forman Capital, and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders.