Forman Capital, a boutique commercial lender located in Palm Beach County in Florida, has financed the purchase of a development site of 5.5 acres and an adjacent utility easement, in the Atlanta suburb Lawrenceville in Georgia. The property, owned by Parkland Communities, is located at 3535 Sugarloaf Parkway. It is zoned to build 67 townhomes as rentals.
Forman Capital’s $5.5 Million Senior Loan is secured by Parkland’s two other Stonecrest, Georgia sites. The 32-acre parcel has been approved for 129 single family homes, while the 30-acre site is to be developed with 260 built-to-rent apartments. The borrower plans to use some of the proceeds from this loan to pay down debts on both properties, which are near Hayden Quarry Road & Turner Hill Road.
Parkland Communities, Inc., and Sugarloaf Crest, LLC are the borrowing entities.
Parkland Communities, based in Alpharetta, is a privately-held residential real estate investment and development firm with over two decades’ experience on the Atlanta market.
Scott Mehlman is the Chief Investment Officer at Forman Capital. He said, “This was a great opportunity to help an existing client and invest in future rental housing within a market with sluggish supply that’s experiencing rapid growth.” As one of Georgia’s most prolific developers, we are a build-to rent developer. Parkland creates new housing to meet the demands of the growing population.
Parkland Communities’ president Jim Jacobi said, “In an age when many lenders are unpredictable, it’s refreshing to work with someone who consistently provides reliable solutions.” “Forman Capital delivers on what it promises and has an experienced team of experts who can do it quickly.”
The firm is currently looking for other opportunities in Atlanta.
Forman Capital has more than $650 million in the pipeline, with several deals expected to close within the next few days. In April 2023 the firm purchased a $24.1m fully performing note secured with a 7.3-acre Miami development site owned by an affiliate company of Neology Life.
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