Trez Forman Capital Group loaned $4.9 million for the acquisition of a site for senior housing development in Boynton Beach.
The developer will use the loan to finance acquisition of a 15-acre site on the northwest corner of Flavor Pict Road and Jog Road in Boynton Beach, according to a press release by Trez Forman.
The Palm Beach County Planning Department and the county’s Zoning and Building Department recently approved the developer’s plan to build a 285-unit facility there.
The facility would have 192 independent-living units, 53 assisted-living units and 40 memory-care units.
“The senior housing category continues to perform well and attract significant investor interest,” Brett Forman, president and CEO of Trez Forman said in a prepared statement. “The demand should remain strong thanks to an aging baby boomer population and solid housing market.”
Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Trez Capital Group, a leading Canadian commercial mortgage lender based in Vancouver. – Mike Seemuth