Lot Development | $17,708,333 | Various SE US Locations
Trez Forman Capital has completed a $17.71 million transaction that provides third and fourth mortgage financing to a portfolio of more than 10 residential developments in Florida, Louisiana and North Carolina. All but one of the projects are completely pre-sold to major homebuilder DR Horton. The transaction was structured as a multi-tranche blanket mortgage. Trez Forman had first mortgages on each of the existing projects before the latest deal. In all, the financing covers 1,615 acres, land for 4,237 single-family lots, 400 apartments and two commercial properties.