Forman Capital Gets $37M Construction Loan for Retail Project

A lender is placing a bet on suburban retail, as rooftops keep piling up west of Houston.

Delray Beach, Florida-based Forman Capital closed a $37.1 million construction loan for The Oaks of District West, an open-air retail, restaurant and entertainment project planned in Richmond, about 30 miles southwest of downtown Houston. The loan, which closed last week, backs a development led by Ferguson Family Partners, led by Bobby and Corey Ferguson, according to a press release from Forman.

The project will be built on roughly 10 acres at 21711 FM 1093, fronting the Westpark Tollway in a fast-growing residential corridor. Construction is slated to start in the first quarter of 2026, with completion expected in the third quarter of 2027, the release shows.

The Oaks of District West is designed as a walkable, suburban town center rather than a strip center. Plans call for about 87,244 square feet of rentable space spread across 10 buildings, anchored by a central green that’s meant to function as a community gathering spot. More than 15 tenant spaces are planned.

The center is already about 70 percent pre-leased, according to the release, a level of early traction that lenders have increasingly demanded for speculative retail deals. Houston-based White House Global Properties is marketing the property according to the project’s website.

According to Forman, the tenant mix skews experiential and food-and-beverage heavy, with signed leases including from Grazia Italian Kitchen, Luckie’s Burger, Pacific Coast Tacos, a virtual golf bar, Pecan Jack’s Ice Cream and Picklr, which is an indoor pickleball concept.

Forman Capital’s Scott Mehlman, the firm’s chief investment officer and a partner, said in a statement that the deal hinges on a simple supply and demand imbalance. Richmond and the surrounding Fort Bend County submarkets have posted years of steady homebuilding, but new retail has lagged behind, particularly projects offering newer design and higher-end dining options.

The loan was originated by Mehlman, alongside Brett Forman and Ben Jacobson. Bobby Ferguson said both sides worked through multiple issues to close the deal, citing Forman Capital’s flexibility.

The development will be part of Parkway Lakes — a 1,300-acre master-planned community south of Houston’s Cinco Ranch area in Richmond. The Oaks will be adjacent to a Kelsey-Seybold Clinic, Whiskey River country dance hall and a theater opened by Star Cinema Grill.