Forman Capital, a private direct real estate lender based in Palm Beach County, Florida, is financing a new build-to-rent single-family home development in Warner Robins, GA.
Forman Capital provided a $22.49 million lot acquisition and construction loan to Parkland Homebuilders, an affiliate of Alpharetta-based Parkland Communities, which is planning to build 109 rental homes with two, three and four bedrooms. Rents are expected to range from $1,900 to $2,400 per month.
The project is located at 3930 US Highway 41 in Centerville, an unincorporated town next to Warner Robins, which is about 30 minutes south of Macon. Warner Robins is home to the Robins Air Force Base, which employs about 25,000 civilians, military personnel and contractors. The base is a short drive from Centerville.
“With the air force base and several other major employers in the immediate area, there is a significant housing shortage, and this developer has shovel-ready lots to help ease that burden,” said Scott Mehlman, Forman Capital Chief Investment Officer. “We are bullish on specific, targeted tertiary markets that are growing and have the right economic fundamentals we look for in our investments, especially in the Sun Belt states.”
The 109 homes are the first of a four-phase development plan that will deliver a total of 317 homes to the market.
Forman Capital has had a long relationship with Parkland Communities, led by Jim Jacobi, which is one of the most prolific build-to-rent developers in Georgia. In May, Forman provided a $5.5 million loan for a 5.5-acre development site in Lawrenceville, Georgia which is zoned for 67 rental townhomes. In 2021, firm principals also helped finance a 58-unit rental townhome project, also in Lawrenceville.
“We are grateful for our relationship with Jim and glad that we were able to assist with his newest venture in Warner Robins,” said Brett Forman, a Forman Capital principal. “He has a keen sense of the kind of housing people are looking for in the state and he delivers quality and affordable product into areas needing additional residential units.”
Forman Capital currently has over $650 million in its pipeline with several deals set to close over the next few weeks.
“At a time when many traditional lenders are pulling back on their real estate lending, private lenders like us fill a void that allows transactions to get done,” said Ben Jacobson, a Forman Capital principal. “We have the flexibility, creativity, and capital to structure deals that others may shy away from.”
