Millennial-oriented development planned for emerging Philadelphia neighborhood

Florida-based Trez Forman Capital Group has completed a $6.75 million loan for a developer planning to build a mixed-use project located in an emerging section of Philadelphia, Pa. Ryan Howard of Trez Forman originated the loan, which closed on Friday, January 12. This is the first time Trez Forman has done business in the state of Pennsylvania.

The borrower, Gagandeep Lakhmna of 1413 Germantown, LLC, plans on developing a 6-story, 50-unit mid-rise apartment building with 5,500 square feet of ground-floor commercial space on a 14,625-square-foot site at 1413 Germantown Ave. The project will be targeted towards the millennial generation.

With smaller residential units close to mass transit hubs and major employers, the development will offer a walkable, urban living experience at a better price point than downtown Philadelphia corridor. The development will also offer some garage parking, a fitness center, bicycle storage, and a full amenity package.

“We are always excited to work with borrowers on deals in emerging neighborhoods,” said Brett Forman, President and CEO of Trez Forman. “The young professional population is going to respond to the value proposition and amenities this rental project will offer.”

Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group - one of Canada’s largest private commercial mortgage lenders. It provides commercial bridge loans for development and construction and senior stretch financing starting at $5 million.

The venture also offers private and institutional investors equity investment opportunities in a variety of funds and assets. This year, Trez Forman expects to originate more than $300 million worth of loans.

In December 2017, Trez Forman completed a $74.8 million construction loan to Dallas-based developer Lincoln Property Co. for the 26-story Church Street Plaza project planned for downtown Orlando, Florida. That transaction followed the company giving Encore Capital Management a $23.15 million construction loan for the redevelopment of the former Fashion Mall in Plantation into the mixed-use Plantation Walk.

About Trez Forman Capital Group: Founded in 2016, Trez Forman Capital is a 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 Brett Forman’s mortgage lending firm, Forman Capital, and Trez Capital Group, one of Canada’s largest private commercial mortgage lenders. For more information, visit www.trezforman.com.