A real estate investor has secured an $8.1 million loan from Trez Forman Capital to help acquire and renovate a 106-unit waterfront apartment community in Jacksonville’s south side. Built in 1972, the Beauclerc Bay Apartments features nine 1-and-2-story buildings on three acres of land. The property is ideally located on a creek next to a boat ramp that provides quick and easy access to the St. John’s River.
“The multifamily market in Jacksonville remains strong due to job and population growth and we believe there is still room for significant rent appreciation,” said Brett D. Forman, president and CEO of Trez Forman who originated the loan. “Once our client makes the significant improvements he has planned, he will be able to attract new residents and raise rents to market rates, but still at a better value than what new apartments are commanding.”
Forman said the borrower will immediately renovate 27 units that are off line due to damage caused by Hurricane Irma in 2017 and then all other residences as they turn over. Other renovations include roof repairs, a new seawall, improvements to the clubhouse and pool area and new landscaping.
The Beauclerc Bay Apartments are located at 9047 San Jose Blvd., Jacksonville, FL.
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
Founded in 2016, Trez Forman Capital is a Palm Beach, 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 Palm Beach-based Forman Capital and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders with approximately $3 billion in committed capital. Trez Capital has originated approximately $10 billion in loans since its inception.
