$22 Million Construction Loan Secured
Diamondback Investment Group, LLC, has closed on a $20.5 million construction loan for a development in Burlington, North Carolina on behalf of Burlington St. Marks APT NC, LLC.
The project titled Burlington St. Marks will be a mixed-use multi housing community with 183 units, containing garden style apartments and mixed-use retail space. This seven-acre site is located at 1172 St. Marks Church Road and will include amenities such as a saltwater pool, clubhouse, fitness and cardio studio, lounge area and a dog park.
Diamondback Investment Group, LLC is a North Carolina-based real estate development company owned and managed by Zach Tran and Hal Kern. This is the second time Diamondback Investment Group is working with Trez Forman, with the first being a development located in Huntersville, NC titled The Point at Caldwell Station.
Brett Forman, President and CEO of Trez Forman Capital Group arranged the Construction loan. Trez Forman, a Boynton Beach- based joint venture between mortgage lender Forman Capital and Canadian commercial mortgage lender Trez Capital Group, issued the $20.5 million loan.
Tran said in a statement “Our experience with Trez Forman has been excellent. We feel we truly have a great working relationship and partnership with the Trez team. Their knowledge and attention to detail are commendable. They are thorough but also easy to work with and always willing to take the time to discuss our concerns and respond to questions.”
Kern added “We would also like to thank, Jackson Howard, our broker with Sweetwater Capital, for their support in completing this important transaction. They were a vital partner throughout this process.”
Sweetwater Capital specializes in permanent, non-recourse debt for commercial real estate and has closed over 230 commercial loans, surpassing $2.2 billion in loan volume.
Diamondback Investment Group, LLC
Founded in 2016, Diamondback Investment Group, LLC. was formed with a core mission of creating, building, and managing a portfolio of mixed-use and residential projects. These projects involve commercial, single and multi-family developments throughout North Carolina.
Diamondback Investment Group, LLC is headquartered in Greensboro, North Carolina, with a field office in Burlington, North Carolina. To learn more, visit www.diamondbackinvestmentgroup.com.
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