June 10, 2019— Trez Forman Capital provided a $16 million financing package to a well-known regional home builder to help fund construction of a new residential community called Huffman Point in Burlington, NC.
Fixed Point Homes plans to build 65 single-family detached homes at 3040B Longpine Road. The company will use approximately $3 million of the loan proceeds to prepare the 49-acre parcel for lot development and a $13-million revolving line of credit to fund home construction.
Huffman Point will feature four floor plans, all approximately 2,800 square feet. Each home will have between 3-4 bedrooms and 2.5-3 bathrooms. Prices start at $327,000.
The borrower is Burlington Grand Oaks, LLC, a subsidiary of Diamondback Investment Group. Brett Forman, CEO of Trez Forman, arranged the loan which closed June 5th.
“Our repeat client has a tremendous track record developing quality communities in the region and Huffman Point should be their next big success story,” said Forman. “The greater Greensboro area has low unemployment the prospect for solid job growth over the next decade. We see a lot of upside in this market.”
This is the second loan Trez Forman has made in Burlington this year. In January, the private commercial real estate lender funded a $20.5 million loan to a developer that is building 183 garden-style apartments with retail space on St. Marks Church Road.
“This further solidifies our commitment to building relationships and expanding our business through satisfied and repeat borrowers,” said Forman.
Palm Beach, Florida-based 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.