Lot Development | $18,750,011 | Zachary, LA
An Alabama developer has completed the purchase of a 304-acre site near Old Scenic Highway and Flanacher Road for Zachary Trails, a 621-lot neighborhood. Zachary Trails Land Co., headed by Marion Uter of Daphne, Alabama, bought the site with the help of an $18.75 million loan from Trez Forman Capital. Zachary Trails bought the property in early March for nearly $6.7 million, the remainder of the loan will cover development costs. This is the second loan Uter has secured from Trez Forman in Louisiana. In September, he borrowed $2.5 million to develop 362 home sites near Lake Charles that were purchased by D.R. Horton.