193,825 square foot project in Mansfield to be anchored by Belk, TJ Maxx and Aldi
Trez Forman Capital Group has closed on a $59.35 million construction loan that will be used to fund construction of a power retail center in Mansfield, Texas, a rapidly growing city that is part of the Dallas/Ft. Worth metro area.
The 193,825 square foot Shops at Broad is slated to be developed on 58 acres of vacant land at 1701 East Broad Street. The Center will be anchored by Belk, TJ Maxx and Aldi. Starbucks, Five Guys, and FLIX Brewhouse have also signed on as tenants. Eleven other outparcels are also approved for development.
This project is moving forward just as two adjacent commercial pads opened up: a retail center anchored by an At Home and Academy Sports, and a public ice rink affiliated with the Dallas Stars called the Star Center. A third adjacent tract is being developed with a 330-unit Class A apartment community. Contiguous to the Shops at Broad is a Fieldhouse USA already in place.
“We loved this deal because the developer is creating a destination center in an area is undergoing a commercial building boom to satisfy a pent up demand for quality retail/restaurants,” said Brett Forman, President/CEO of Trez Forman. “The Star Center and fieldhouse alone are expected to attract more than 1.5 million visitors a year which will deliver traffic to our client’s tenants.”
The $59 million loan was arranged by Brett Forman and John Hutchinson, President of Trez Capital Group Texas based in Dallas. Trez Forman Managing Director Russ Holland based in Atlanta was also part of the origination team. The loan’s sponsor is Clarke Coole of Geyer Morris who was advised by Will James of NorthMarq Capital.
For Trez Forman, 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, the latest activity continues the momentum from a busy year. The venture is on track to close more than a $500 million in deals in 2018.
Trez Forman provides commercial bridge loans for development and construction, and senior stretch financing starting at $5 million. It also offers private and institutional investors equity investment opportunities in a variety of funds and assets.
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. Trez has funded more than $8 Billion in loans since it launched in 1997. For more information, visit www.trezforman.com.
