A multifamily housing developer and repeat borrower has secured a $10 million loan from Trez Forman Capital to acquire and plan for development of a 600-unit apartment community in Brandon, Florida. The property is less than 1 mile from Westfield Brandon, a regional shopping mall with more than 1 million square feet of stores and restaurants.
The undeveloped property at the northeast corner of South Lakewood Drive and Brandon Parkway will have 600 multifamily units and 75,000 sq. ft. of mixed-use buildings and stores on 55 acres, one of the largest remaining undeveloped parcels in Brandon. The project will be known as the Brandon Town Center.
The loan was arranged by Brett D. Forman, president/CEO of Trez Forman. The borrower is Brandon Town Center Development Partners, LLC.
“Tampa’s multifamily market is fundamentally sound and one of the top annual rent-growth metros in the nation. A booming economy and robust population gains have consistently fueled strong multifamily demand,” said Forman. “With employment growth far outpacing the national average and future job projections expected to remain elevated, multifamily demand should remain high.”
The borrower, which has a track record of success with multifamily housing, will build three-story units of one, two or three bedrooms with attached garages. Funding will enable the company to buy the property and produce construction plans and drawings.
Trez Forman has been active the Tampa Bay MSA over the past year. In October 2018, it provided at $13.5 million loan for the acquisition and development of 140 acres of entitled land near Bradenton slated for 417 single-family homes. In December 2018, the company loaned $19 million to a developer to acquire 279 acres in Lakewood Ranch for a new 675-single-family home project