Brett Forman, president and CEO of Trez Forman

MIAMI—Trez Forman Capital Group completed a $44.8 million loan to finance construction of a new maintenance-free residential community in Southwest Florida geared towards Baby Boomers. Trez Forman's Ben Jacobson originated the loan. The borrower is Sarasota Floridian, led by Larry Lieberman and Fred Starling.

Sarasota Floridian, LLC is developing a 309-unit active-adult project called The Floridian Club of Sarasota in Venice, FL. Plans call for 261 single-story attached villas and 48 three-story units served by elevator. All have one and two bedrooms and one and two baths. Floor plans range in size from 991 square feet to 1,339 square feet. The villas offer an optional one-car garage.

“Trez Forman is focused on the Southeastern US including Florida,” Brett Forman, CEO Trez Forman Capital Group, tells GlobeSt.com. “These are growth areas for both employers and jobs as well as for retirees—in part due to favorable tax structure, partly due to the weather and quality of life. The Naples-to-Tampa corridor is rapidly expanding with plenty of land to be developed for residential of all price ranges, and growth. Trez Forman has actually funded a number of residential lot development loans in this area.”

The Floridian Club is replete with resort-style amenities including an infinity-edge pool and separate lap pool, fitness center, café, club room, pickleball courts, guest suites, business center, outdoor barbecue area, pet spa and walking/running trails that encircle a conservation area. The gated community is located at 2445 East Venice Avenue.

All of the units are available for long-term leases between two and 10 years. The program is designed for active Baby Boomers who desire the flexibility to travel or live up north part of the year. The community is not age restricted, however.

“We are bullish on residential projects targeted towards retiring Baby Boomers,” Forman says. “The oldest of this demographic are in their 70s now, but they are not looking to settle down, play shuffleboard and watch TV reruns like their parents did. They are more mobile and active than generations past. Developers who are paying close attention to this group by tailoring communities to the active adult lifestyle should perform exceptionally well. Whether it's for-sale product or rentals, as a lender, we seek to do more of these kinds of deals.”

In fact, a recent report from Harvard University indicated through 2035, 1.6 million older-adult households will move into rental properties each year compared to 825,000 who will choose to own.

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.

Instant Insights /

Trez Forman Capital Takes on Major Senior Living Project

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